8-K - SEM - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

current report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Dateof earliest event reported): March 4, 2022

SELECT MEDICAL HOLDINGS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	001-34465	20-1764048
(State or other jurisdiction of <br><br>Incorporation)	(Commission File <br><br>Number)	(I.R.S. Employer <br>Identification No.)

4714 Gettysburg Road, P.O. Box 2034

Mechanicsburg, PA 17055

(Address of principal executive offices) (Zip Code)

(717) 972-1100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	SEM	New York Stock Exchange (NYSE)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether either registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if either registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01	Regulation FD Disclosure.

Attached as Exhibit 99.1 are the glossy pages that will accompany the Form 10-K of Select Medical Holdings Corporation for the year ended December 31, 2021 and made available to the stockholders of Select Medical Holdings Corporation beginning on or about March 4, 2022 in connection with the annual meeting of stockholders of Select Medical Holdings Corporation.

The information in this Current Report on Form 8-K (including Exhibit 99.1) is being furnished solely to satisfy the requirements of Regulation FD and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01	Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	Glossy pages accompanying the Form 10-K of Select Medical Holdings Corporation for the year ended December 31, 2021
104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

SELECT MEDICAL HOLDINGS CORPORATION
Date: March 4, 2022	By:	/s/ Michael E. Tarvin
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Michael E. Tarvin
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Executive Vice President, General Counsel and Secretary

Exhibit99.1

SELE CT MED ICAL HOLD ING S C ORP O R A TION<br>SELE<br>CT MED<br>ICAL HO<br>L<br>D<br>ING<br>S C<br>ORP<br>ORA<br>TION<br>Our Mission<br>SEL E C T MED ICAL WILL P R O VID E AN EX CEPTION A L<br>P AT IENT CARE EX PERIENCE T H AT P R OMO T E S HEAL ING<br>A ND RE C O VER Y IN A C O M P ASSIO N ATE EN VIR O NMEN T.<br>L EARN MO RE A T<br>202<br>1<br><br>ANNUAL REPORT<br>A N N U AL REP O R T<br>Overcoming adversity<br> O<br>v<br>er<br>co<br>m<br>i<br>n<br>g<br>ad<br>v<br>e<br>r<br>s<br>i<br>ty
2 3 SELECT MEDICAL 2021 ANNUAL REPORT IMPROVING QUALITY OF LIFE 3<br>as she moved through breathing<br>exercises and support reductions.<br>Simultaneously, physical and<br>occupational therapists deployed a<br>mobility program. Julie was shocked<br>to find herself able to sit, with<br>help, at the bed’s edge, while still<br>connected to the machine. A short<br>time later, she stood.<br>Nurses monitored vital signs,<br>provided medication and, most<br>importantly, calmed fears. Hospital<br>nights can be long and lonely, and<br>Julie said she is forever grateful for<br>every nurse who spent time with her.<br>As fall and the holidays approached,<br>Julie’s recovery picked up steam. She<br>met a key milestone and liberated<br>from the ventilator. A week later, she<br>discontinued airway support in favor<br>of a small tube of nasal oxygen.<br>Her care team was astounded to<br>discover that despite months of<br>immobilization, Julie’s swallowing<br>reflexes were intact. Within 72 hours,<br>she’d resumed a regular diet. “I had<br>turkey, filling and mashed potatoes,”<br>Julie said with a grin. “My husband<br>brought me a Wendy’s Frosty. It was<br>all so fabulous.”<br>A week later, she moved to Penn<br>State Health Rehabilitation Hospital,<br>the next step in Select Medical’s<br>care continuum.<br>There, a physician-led team<br>conducted a new condition and<br>ability assessment. Initially, Julie’s<br>goal was to walk out of the hospital.<br>However, getting dressed, moving<br>through the morning routine and<br>pushing her wheelchair to the<br>therapy gym left her exhausted.<br> “After a few days, they realized I’d<br>be wheelchair-bound for a while<br>and my therapy changed,” Julie said.<br> “Occupational therapy did a lot of<br>weights and arm-bicycle sessions<br>and hand coordination games.” She<br>also enjoyed visits from Norway,<br>the hospital’s therapy dog. “We<br>adopted a Black Lab mix, Logan, not<br>long before I got sick and I missed<br>(Logan) so much. It was great to play<br>with Norway and throw the ball,” she<br>said. It really helped with her upper<br>body strengthening.<br>Physical therapists taught her to use<br>a transfer board, which made getting<br>out of bed or between uneven<br>surfaces easier. They also had her<br>perform lower body exercises and<br>taught her leg movements that she<br>could do in bed.<br>Julie’s feet remained painful and<br>blistered with still-healing wounds.<br>Nurses carefully applied Vaseline-<br>soaked dressings and bandaged both<br>feet so she could attempt to stand.<br>While she was able to manage brief<br>sessions between parallel bars, full<br>mobility remained elusive.<br>As Thanksgiving approached,<br>Tom attended training sessions in<br>preparation for Julie’s return home.<br>He learned how to help her conserve<br>energy, set up tasks for her ahead of<br>time and create safe environments<br>for her wheelchair.<br>On the day before the holiday, Julie<br>was cleared to go home. Tom, her<br>family and friends made sure she<br>did so in style. News crews and a<br>gathering of 30 socially distanced<br>family, friends and hospital staff did<br>a “clap out” for Julie as a limousine<br>waited just outside the hospitals<br>doors to take her home.<br>Nearly a year after falling ill, Julie<br>is still working to wean from nasal<br>oxygen and continues to receive<br>in-home physical therapy. She’s<br>begun navigating her home with a<br>walker, though it is slow going. The<br>COVID toes and associated muscle<br>wasting resulted in a dropped foot,<br>further impacting her plans to walk.<br>A follow-up podiatry appointment is<br>scheduled soon.<br>Julie said she’s come to a number of<br>realizations over the last 11 months:<br>Her family is exceptional. And<br>though they’re a traditional “good,<br>As COVID-19 vaccines rolled out<br>across the country in early 2021, Julie<br>Brown looked forward with hope.<br>At 50, she wasn’t in the first eligible<br>group, so the mother of three and<br>grandmother of four continued<br>masking and social distancing while<br>waiting her turn.<br>Then, the supply chain manager<br>came into contact with someone<br>who was COVID-positive. Seventy-<br>two hours later, Julie began feeling ill.<br>It was the start of a months-long,<br>death-defying journey.<br>Coughing intensified, leaving Julie<br>breathless. On her third trip to the<br>emergency room, she learned the<br>disease had progressed to COVID<br>pneumonia. Admitted to the local<br>hospital’s intensive care unit (ICU),<br>Julie quickly declined and was<br>placed on a ventilator.<br>When her condition exceeded the<br>local facility’s capabilities, she was<br>airlifted to a nearby regional medical<br>center and placed on extracorporeal<br>membrane oxygenation (ECMO).<br>The last-chance treatment acts as<br>an external heart and lung, providing<br>oxygen directly to the bloodstream.<br>For three months, Julie survived<br>on the machine. Twice, her heart<br>stopped, but the ICU team brought<br>her back.<br>Incredibly, as winter turned to spring,<br>Julie’s body rallied. Slowly, the virus<br>loosened its grip and ECMO was<br>disconnected in favor of a ventilator.<br>She was transferred to a step-down<br>unit where her husband, Tom, was<br>waiting as she awoke. “It was just<br>like it was the next day,” Julie said.<br> “I had no memory of the ECMO or<br>my time at either hospital. But Tom<br>was, like, ‘You have no idea what<br>you’ve been through.’”<br>As Tom and the medical team filled<br>in Julie, she contended with the<br>physical toll wrought by four months<br>in bed. She had ‘COVID toes’ –<br>painful swelling, discoloration and<br>open wounds – and weakness so<br>profound that she was unable to<br>put on her own glasses.<br>A second bout of pneumonia<br>required a return to the ICU and<br>rounds of intravenous antibiotics.<br>Despite incredible support from<br>Tom, her children, grandchildren,<br>five siblings and a host of “prayer<br>warriors” across the country,<br>depression set in. Told her lungs<br>might never heal, the Browns began<br>investigating transplant programs.<br>The one bright spot, Julie recalled,<br>came on her 51st birthday. Not only<br>did the nurses bring flowers and<br>sing “Happy Birthday,” she received<br>a slew of birthday cards – many<br>containing her favorite splurge,<br>scratch-off lottery tickets.<br> “They were actually part of my<br>therapy,” she said with a laugh. “I<br>had tremors, so at first it was hard<br>to hold a coin. But I kept doing it<br>and eventually they went away. I<br>also came out $500 richer!”<br>Stable once more, but still on a<br>ventilator, she transferred to Select<br>Specialty Hospital – Camp Hill for<br>additional healing and recovery time.<br> “The first thing I remember is Dr.<br>Cohen,” she said. “He came into<br>the room, sat down on my bed – he<br>was so personable – and said he’d<br>looked at my case. He didn’t think I<br>needed a lung transplant and I could<br>get off the ventilator. It gave me the<br>confidence to try.”<br>That was the moment, Julie said,<br>everything changed. Dr. Cohen<br>led the hospital team of nurses,<br>therapists, dietitians and pharmacists<br>to create an individualized treatment<br>plan to restore Julie’s independence.<br>Respiratory therapists got to work,<br>gradually reducing ventilator<br>support. Some weeks, Julie said, it<br>was two steps back for every step<br>forward; the care team never let her<br>give into despair. There was always<br>a hand to hold or reassuring words<br>A ONE SELECT STORY of TRIUMPH<br>THE CONCENTRA DIVISION<br>ADMINISTERED<br>40,000<br>COVID-19 VACCINES AND<br>1 MILLION+<br>TESTS TO KEEP AMERICA WORKING.<br>THE CONCENTRA<br>DIVISION ADMINISTERED :<br>COVID-19<br>VACCINES AND<br>1 MILLION+ TESTS<br>TO KEEP AMERICA WORKING<br>COVID-19 SURVIVORS TREATED<br>IN THE OUTPATIENT REHABILITATION DIVISION’S<br>RECOVERY & RECONDITIONING PROGRAM<br>3,900<br>40,000<br>3,900<br>COVER STORY
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4 5 SELECT MEDICAL 2021 ANNUAL REPORT IMPROVING QUALITY OF LIFE<br>As we closed 2021, we never imagined it would mark year two of the pandemic, continuing to pressure test<br>every facet of our business as well as our nation’s health care infrastructure.<br>Despite the near two-year disruption, Select Medical’s revenue grew across all four divisions. Overall, revenue grew<br>12.2% year-over-year to more than $6.2 billion, and adjusted EBITDA grew 18.3% year-over-year to $947.4 million.<br>While the Critical Illness Recovery Hospital Division posted adjusted EBITDA of $268 million, this was a<br>decline from last year due to pandemic-related staffing challenges. The Inpatient Rehabilitation Hospital<br>Division posted another strong year with an adjusted EBITDA increase of 20.6% to $184.7 million for 2021.<br>The Company’s Outpatient Rehabilitation Division also continued to roar back from 2020, posting adjusted<br>EBITDA of $138.3 million, a 74.7% increase over the prior year.<br>The Concentra Division recorded it’s highest ever annual adjusted EBITDA of $389.6 million, a 54.1% increase.<br>At the close of 2021, Concentra also became wholly-owned by Select Medical.<br>These results reflect the dedicated efforts of our health care professionals, who never wavered on delivering<br>an exceptional patient care experience amid the ongoing global health crisis.<br>Across the Select Medical care continuum, we continue to tackle the urgent, daunting challenges the pandemic<br>has placed on our nation’s health care system. Our clinical and operational response to the needs of our joint<br>venture partners and host hospitals has been unmatched. From stepping in during unprecedented surges to<br>decompress ICUs, or standing up COVID-19 units in less than 48 hours, we have answered the call for nearly<br>two years.<br>In many ways, the pandemic has thrown a spotlight on Select Medical’s essential role in the healing and recovery<br>of critically ill patients, further solidifying the Company as the country’s premier provider of post-acute care.<br>A Reputation of Clinical Excellence<br>Select Medical’s long-standing clinical expertise in ventilator liberation across its critical illness recovery hospitals<br>has enabled our teams to help more than 20,500 COVID-19 patients recover from the virus in addition to<br>those who required long-term acute care for other chronic, critical illnesses. Simultaneously, these hospitals<br>achieved 11 consecutive quarters of quality scores above industry benchmarks. This underscores our laser<br>focus on safety, quality and evidence-based practices that drive positive outcomes.<br>In 2021, we also received best-in-class recognition for outcomes in our inpatient rehabilitation hospitals. Kessler<br>Institute for Rehabilitation, Baylor Scott & White Institute for Rehabilitation, Emory Rehabilitation Hospital and<br>OhioHealth Rehabilitation Hospital were all ranked “Best Rehab Hospital” by U.S. News & World Report. Adding<br>to that, Baylor Scott & White Institute for Rehabilitation and Kessler Institute for Rehabilitation were named<br>Spinal Cord Injury (SCI) Model Systems by the National Institute on Disability, Independent Living, and<br>Rehabilitation Research. The two hospitals are among only 14 U.S. centers to receive the designation which<br>focuses on improving the outcomes and quality of life for persons with SCI. And 16 of our inpatient rehabilitation<br>hospitals across the country made Newsweek’s 2021 list of “America’s Best Physical Rehab Centers.”<br>One of the first in the sector to identify the need to support COVID-19 long haulers – those with prolonged,<br>debilitating symptoms – the Outpatient Rehabilitation Division’s innovative Recovery and Reconditioning<br>Program helped more than 3,900 COVID-19 survivors address deficits in their ongoing recovery. In July, the<br>Centers for Disease Control and Prevention (CDC) and Select Medical collaborated on a clinical study that<br>validated the benefits of the program’s rehabilitative services for both physical and mental health.<br>DEAR SHAREHOLDER<br>The Concentra Division continued to play a crucial role in keeping America working. With its market footprint<br>of 518 centers and 134 onsite locations in 42 states, Concentra administered more than one million COVID-19<br>tests and 40,000 vaccine doses at 2,000-plus distribution centers for customers such as Amazon, UPS,<br>Honeywell, Abbott Labs and many others.<br>Capitalizing on Opportunities for Growth<br>Throughout the pandemic, Select Medical continued to expand its national footprint. Our strong operating<br>cash flow enabled the Company to initiate a quarterly dividend payment of $0.125 per share of common stock<br>while maintaining strong liquidity and capital flexibility to support ongoing investments for growth.<br>Over the past year, we announced the acquisition of Acuity Health and joint ventures including AtlantiCare, Mon<br>Health, Virtua, Northwest Healthcare, Scripps Health, Ascension St. Thomas, HealthWorks and Grandview Health.<br>These deals expanded our services in Alabama, Arizona, California, New Jersey, Tennessee and West Virginia.<br>As part of this growth, we acquired six critical illness recovery hospitals, increasing the division to a total of<br>104 hospitals nationwide. Overall, we added more than 200 beds in our critical illness recovery and inpatient<br>rehabilitation hospitals to meet the emerging need for post-acute care. Additionally, our outpatient rehabilitation<br>network grew by 93 clinics.<br>Stronger Together<br>Our mission and societal responsibility are interconnected. Serving the needs of others has strengthened our<br>organization in the face of staggering adversity over the past two years. The Company’s 2021 performance is<br>attributed to the dedication and tireless efforts of our more than 50,000 person workforce who kept the health<br>and safety of colleagues and patients as the top priority.<br>While the challenges of COVID-19 remain with us as we enter 2022, Select Medical is optimistic about the<br>future of the Company. We will continue to lead, innovate, adapt and prevail guided by our founding principles<br>and values, as well our culture – The Select Medical Way. We’ll deliver on our promise to improve quality of life<br>for the more than 97,000 patients whom we are privileged to care for every day.<br>We sincerely thank our fellow shareholders and joint venture partners for their trust and support.<br>Sincerely,<br>David S. Chernow Rocco Ortenzio Robert Ortenzio<br>President & Chief Executive Officer Vice Chairman & Co-Founder Executive Chairman & Co-Founder
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6 7 SELECT MEDICAL 2021 ANNUAL REPORT IMPROVING QUALITY OF LIFE<br>FINANCIAL HIGHLIGHTS<br>SELECT MEDICAL HOLDINGS CORPORATION<br>(In thousands, except per share data) 2021 2020 2019 2018 2017<br>FOR THE YEARS ENDED<br>Revenue $ 6,204,515 $ 5,531,713 $ 5,453,922 $ 5,081,258 $ 4,365,245<br>Income from operations 713,774 567,657 471,881 417,279 355,878<br>Net income attributable to Select Medical<br> Holdings Corporation 402,225 258,995 148,449 137,840 177,184<br>Earnings per common share, fully diluted 2.98 1.93 1.10 1.02 1.33<br>Dividends per share 0.375 – – – –<br>Cash flow from operations 401,228 1,028,073 445,182 494,194 238,131<br>SEGMENT INFORMATION<br>Revenue<br>Critical illness recovery hospital $ 2,246,772 $ 2,077,499 $ 1,836,518 $ 1,753,584 $ 1,725,022<br>Rehabilitation hospital 849,340 734,673 670,971 583,745 509,108<br>Outpatient rehabilitation 1,084,361 919,913 1,046,011 995,794 960,902<br>Concentra 1,732,041 1,501,434 1,628,817 1,557,673 1,013,224<br>Other 292,001 298,194 271,605 190,462 156,989<br>Total Revenue $ 6,204,515 $ 5,531,713 $ 5,453,922 $ 5,081,258 $ 4,365,245<br>Adjusted EBITDA(1)<br>Critical illness recovery hospital $ 267,993 $ 342,427 $ 254,868 $ 243,015 $ 252,679<br>Rehabilitation hospital 184,704 153,203 135,857 108,927 90,041<br>Outpatient rehabilitation 138,275 79,164 151,831 142,005 132,533<br>Concentra(2) 389,616 252,892 276,482 251,977 157,561<br>Other(2) (33,229) (27,120) (108,130) (100,769) (94,822)<br>Total Adjusted EBITDA $ 947,359 $ 800,566 $ 710,908 $ 645,155 $ 537,992<br>BALANCE SHEET SNAPSHOT AT YEAR-END<br>Cash and cash equivalents $ 74,310 $ 577,061 $ 335,882 $ 175,178 $ 122,549<br>Working capital (3) (133,638) 155,634 298,712 287,338 315,423<br>Total assets (3) 7,360,171 7,655,399 7,340,288 5,964,265 5,127,166<br>Total debt 3,573,957 3,402,019 3,445,110 3,293,381 2,699,902<br>Stockholders’ equity 1,109,981 1,060,480 770,972 803,042 823,368<br>(1) Adjusted EBITDA is used by Select Medical to report its segment performance. Adjusted EBITDA is defined as earnings excluding interest, income taxes, depreciation and amortization,<br>gain (loss) on early retirement of debt, stock compensation expense, acquisition costs associated with U.S. HealthWorks, gain (loss) on sale of businesses, and equity in earnings (losses)<br>of unconsolidated subsidiaries. Refer to Item 7 for further consideration of Adjusted EBITDA as a Non-GAAP measure.<br>(2) For the years ended December 31, 2020 and 2021, Select Medical recognized payments received under the Public Health and Social Services Emergency Fund, also referred to as the<br>Provider Relief Fund, for health care related expenses and lost revenues attributable to COVID-19 as other operating income. For the year ended December 31, 2020, $88.9 million and<br>$1.1 million of other operating income is included within the operating results of Select Medical’s other activities and Concentra segment, respectively. For the year ended December 31, 2021,<br>$89.1 million and $34.7 million of this other operating income is included within the operating results of Select Medical’s other activities and Concentra segment, respectively.<br>(3) As of December 31, 2019, 2020, and 2021, the balance sheet data reflects the adoption of ASC Topic 842, Leases, which required the recognition of operating lease right-of-use assets and<br>operating lease liabilities on the balance sheet. Prior periods were not adjusted.<br>BOARD of DIRECTORS<br>EXECUTIVE OFFICERS<br>CORPORATE INFORMATION<br>Robert A. Ortenzio<br>Executive Chairman & Co-Founder<br>Select Medical Holdings Corporation<br>Katherine R. Davisson<br>Financial Services Executive<br>James S. Ely III<br>Thomas A. Scully<br>General Partner<br>Welsh, Carson, Anderson & Stowe<br>Rocco A. Ortenzio<br>Vice Chairman & Co-Founder<br>Select Medical Holdings Corporation<br>Founder & Chief Executive Officer<br>PriCap Advisors, LLC<br>William H. Frist<br>Marilyn B. Tavenner<br>Former Administrator of Centers for<br>Medicare & Medicaid Services<br>Russell L. Carson<br>Co-Founder<br>Welsh, Carson, Anderson & Stowe<br>Former Majority Leader of<br>the United States Senate<br>Partner, Cressey & Company<br>Daniel J. Thomas<br>Former Healthcare Executive<br>Bryan C. Cressey<br>Founder & Partner<br>Cressey & Company<br>Parvinderjit Singh Khanuja<br>Founder and Managing Partner of<br>Ironwood Physicians, PC<br>Robert A. Ortenzio<br>Executive Chairman & Co-Founder<br>Martin F. Jackson<br>Executive Vice President<br> & Chief Financial Officer<br>Thomas P. Mullin<br>Executive Vice President,<br>Hospital Operations<br>Rocco A. Ortenzio<br>Vice Chairman & Co-Founder<br>John A. Saich<br>Executive Vice President<br> & Chief Administrative Officer<br>Scott A. Romberger<br>Senior Vice President,<br> & Chief Accounting Officer<br>David S. Chernow<br>President & Chief Executive Officer<br>Michael E. Tarvin<br>Executive Vice President,<br>General Counsel & Secretary<br>Robert G. Breighner, Jr.<br>Vice President, Compliance and Audit Services<br> & Corporate Compliance Officer<br>Corporate Headquarters<br>Select Medical Holdings Corporation<br>4714 Gettysburg Road<br>Mechanicsburg, PA 17055-5036<br>717.972.1100<br>Stockholder Inquiries<br>Joel T. Veit<br>Senior Vice President & Treasurer<br>4714 Gettysburg Road<br>Mechanicsburg, PA 17055-5036<br>717.972.1100	ir@selectmedical.com<br>Register & Stock Transfer Agent<br>Stockholder correspondence<br>should be mailed to:<br>Computershare<br>P.O. Box 505000<br>Louisville, KY 40233-5000<br>Independent Registered Public<br>Accounting Firm<br>PricewaterhouseCoopers LLP<br>Two Commerce Square<br>2001 Market Street, Suite 1800<br>Philadelphia, Pennsylvania 19103-7042<br>Stock Exchange<br>NYSE<br>Symbol: SEM<br>Internet Address<br>selectmedicalholdings.com<br>Overnight correspondence<br>should be mailed to:<br>Computershare<br>462 South 4th Street, Suite 1600<br>Louisville, KY 40202
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SELE CT MED ICAL HOLD ING S C ORP O R A TION<br>SELE<br>CT MED<br>ICAL HO<br>L<br>D<br>ING<br>S C<br>ORP<br>ORA<br>TION<br>Our Mission<br>SEL E C T MED ICAL WILL P R O VID E AN EX CEPTION A L<br>P AT IENT CARE EX PERIENCE T H AT P R OMO T E S HEAL ING<br>A ND RE C O VER Y IN A C O M P ASSIO N ATE EN VIR O NMEN T.<br>L EARN MO RE A T<br>202<br>1<br><br>ANNUAL REPORT<br>A N N U AL REP O R T<br>Overcoming adversity<br> O<br>v<br>er<br>co<br>m<br>i<br>n<br>g<br>ad<br>v<br>e<br>r<br>s<br>i<br>ty
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