Select Medical Holdings Corporation (NYSE:SEM) Q3 2022 Earnings Conference Call November 4, 2022 9:00 AM ET
Company Participants
Robert Ortenzio - Executive Chairman & Co-Founder
Martin Jackson - Executive Vice President & Chief Financial Officer
Conference Call Participants
Justin Bowers - Deutsche Bank
Joanna Gajuk - Bank of America
Ben Hendrix - RBC Capital Markets
Bill Sutherland - The Benchmark Company
Miles Highsmith - Deutsche Bank
A.J. Rice - Credit Suisse
Operator
Good morning and thank you for joining us today for Select Medical Holdings Corporation's Earnings Conference Call to discuss the Third Quarter 2022 Results and the Company's Business Outlook.
Speaking today are the company's Executive Chairman and Co-Founder, Robert Ortenzio and the company's Executive Vice President and Chief Financial Officer Martin Jackson. Management will give you an overview of the quarter and then open the call for questions.
Before we get started, we would like to remind you that this conference call may contain forward looking statements regarding future events or the future financial performance of the company including without limitation statements regarding operating results growth opportunities and other statements that refer to Select Medical's plans, expectations, strategies, intentions, and beliefs.
These forward looking statements are based on the information available to management of Select Medical today and the company assumes no obligation to update these statements as circumstances change.
At this time, I will turn the call over to Mr. Robert Ortenzio.
Robert Ortenzio
Thank you, operator. Good morning everyone. Welcome to Select Medical's earnings call for the third quarter of 2022. Before I give some detail on each of our divisions, I'd like to provide some overall commentary on the quarter. This quarter we have continued to focus on recruitment training and retention of personnel throughout the organization and most specifically on the critical illness recovery hospital divisions.
These efforts have been successful as we set the stage for future performance. I'd like to commend our entire team as they continue to meet the challenges head on while raising remaining committed to providing exceptional patient employee experience.
Throughout 2022, our diversification has provided us the opportunity to offset difficulties we may have encountered in particular line of business. We couldn't be more pleased with the performance of both our inpatient rehab hospital and Concentra divisions this quarter. The inpatient rehab division exceeded prior year revenue, occupancy, and adjusted EBITDA.
We recently announced the expansion of our partnership with UPMC to open a 35-bed freestanding rehab hospital in central Pennsylvania with targeted 2023 opening. The development pipeline for inpatient rehab division is strong and the division is poised for continued success.