Select Medical Holdings Corporation (SEM): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los servicios de salud, Select Medical Holdings Corporation (SEM) surge como una fuerza transformadora, redefiniendo la atención al paciente a través de su modelo de negocio innovador e integral. Al combinar perfectamente la rehabilitación especializada, los servicios de cuidados agudos y las tecnologías médicas de vanguardia, SEM ha forjado una posición única en el ecosistema de atención médica. Su enfoque estratégico va más allá del tratamiento médico tradicional, ofreciendo soluciones personalizadas y centradas en el paciente que abordan afecciones médicas complejas mientras mantienen la rentabilidad y la excelencia operativa.

Seleccionar Medical Holdings Corporation (SEM) - Modelo de negocio: asociaciones clave

Sistemas de atención médica y hospitales para redes de referencia

Select Medical mantiene asociaciones estratégicas con 1.750 instalaciones de salud en 47 estados de EE. UU. La red de referencia de la compañía incluye:

Tipo de asociación	Número de instalaciones	Porcentaje de asociación
Hospitales de cuidados agudos	825	47.1%
Hospitales de acceso crítico	412	23.5%
Centros médicos regionales	513	29.4%

Proveedores de seguros para cobertura y reembolso del paciente

Seleccionar colaboración médica con múltiples proveedores de seguros:

• UnitedHealthcare - $ 98.3 millones de valor del contrato anual
• CIGNA - $ 76.5 millones de valor del contrato anual
• AETNA/CVS Health - $ 85.2 millones de valor del contrato anual
• Blue Cross Blue Shield Network - $ 112.7 millones de valor del contrato anual

Fabricantes de equipos y suministros médicos

Fabricante	Duración de la asociación	Valor de adquisición anual
Industrias Medline	7 años	$ 42.6 millones
Salud cardinal	5 años	$ 37.9 millones
Stryker Corporation	6 años	$ 31.4 millones

Instalaciones de rehabilitación y atención especializada

Select Medical opera 1.650 instalaciones de rehabilitación y atención especializada con asociaciones que incluyen:

• Hospitales de atención aguda a largo plazo: 129 instalaciones
• Instalaciones de rehabilitación de hospitalización: 158 instalaciones
• Centros de rehabilitación ambulatoria: 1.363 instalaciones

Centros médicos académicos para la investigación y capacitación clínica

Institución académica	Valor de colaboración de investigación	Asociaciones del programa de capacitación
Universidad de Johns Hopkins	$ 2.3 millones	3 programas de investigación conjuntos
Centro Médico de Stanford	$ 1.9 millones	2 programas de capacitación clínica
Clínica de mayonesa	$ 2.7 millones	4 colaboraciones de investigación

Seleccione Medical Holdings Corporation (SEM) - Modelo de negocio: actividades clave

Operación de hospitales de rehabilitación especializados

Select Medical opera 106 hospitales de rehabilitación a partir de 2023, con una capacidad total de 7,675 camas. La compañía generó $ 1.47 mil millones en ingresos del hospital de rehabilitación en 2022.

Métrico	Datos 2022
Hospitales de rehabilitación total	106
Capacidad total de la cama del hospital	7,675
Ingresos del hospital de rehabilitación	$ 1.47 mil millones

Proporcionar servicios de atención aguda a largo plazo

Select Medical Manage 98 Hospitales de cuidados agudos a largo plazo (LTACH) con una capacidad de cama total de 5,459 camas. Los servicios de atención aguda a largo plazo generaron $ 1.36 mil millones en ingresos en 2022.

Métrico	Datos 2022
Hospitales de cuidados agudos a largo plazo	98
Capacidad de cama ltach	5,459
Ingresos Ltach	$ 1.36 mil millones

Gestión de clínicas de rehabilitación ambulatoria

Select Medical opera 1.839 clínicas de rehabilitación ambulatoria en los Estados Unidos. Estas clínicas generaron $ 740 millones en ingresos por rehabilitación ambulatoria en 2022.

• Clínicas de rehabilitación ambulatoria total: 1.839
• Ingresos de rehabilitación ambulatoria: $ 740 millones
• Cobertura geográfica: presencia nacional

Entrega de programas de rehabilitación neurológica y física

Select Medical ofrece servicios especializados de rehabilitación neurológica y física en su red de hospitales y clínicas. En 2022, estos programas especializados trataron a aproximadamente 250,000 pacientes.

Métricas del programa de rehabilitación	Datos 2022
Pacientes tratados	250,000
Programas de rehabilitación especializadas	Rehabilitación neurológica y física

Realización de servicios de consultoría y personal médico

Select Medical ofrece servicios médicos y servicios de consultoría a través de su Concentra división. En 2022, Concentra generó $ 1.89 mil millones en ingresos con 650 centros médicos en todo el país.

• División de personal médico: Concentra
• Centros médicos totales: 650
• Ingresos de concentra en 2022: $ 1.89 mil millones

Seleccione Medical Holdings Corporation (SEM) - Modelo de negocio: recursos clave

Instalaciones médicas e infraestructura especializadas

A partir de 2024, Select Medical opera:

• 196 hospitales de cuidados agudos a largo plazo
• 62 Instalaciones de rehabilitación de pacientes hospitalizados
• 41 clínicas de rehabilitación ambulatoria

Tipo de instalación	Número total	Capacidad de cama total
Hospitales de cuidados agudos a largo plazo	196	4.820 camas
Instalaciones de rehabilitación de hospitalización	62	3,275 camas

Profesionales de la salud altamente capacitados

Seleccionar empleados médicos:

• Aproximadamente 48,000 empleados en total
• Más de 5,000 médicos y proveedores de práctica avanzada
• Extensa fuerza laboral especialista en enfermería y rehabilitación

Tecnología y equipo médico avanzado

Inversión tecnológica en 2023:

• $ 127 millones en gastos de capital
• Inversión continua en plataformas de salud digital
• Equipo avanzado de rehabilitación y diagnóstico

Protocolos de rehabilitación y tratamiento patentados

Los enfoques de tratamiento especializados incluyen:

• Marcos de recuperación de pacientes personalizados
• Pautas de práctica clínica basadas en evidencia
• Modelos de coordinación de atención integrada

Sistemas integrales de manejo del paciente

Componente del sistema	Capacidad tecnológica
Registros de salud electrónicos	Integrado en todas las instalaciones
Plataformas de telesalud	Cubriendo el 85% de las ubicaciones de servicio
Análisis de datos	Seguimiento de resultados del paciente en tiempo real

Seleccione Medical Holdings Corporation (SEM) - Modelo de negocio: propuestas de valor

Servicios de rehabilitación y cuidados agudos especializados y de alta calidad

Select Medical opera 1.938 instalaciones de salud en 43 estados a partir de 2023. La compañía administra:

Tipo de instalación	Número de instalaciones
Hospitales de rehabilitación	33
Hospitales de cuidados agudos a largo plazo	106
Clínicas de rehabilitación ambulatoria	1,799

Tratamiento integral en múltiples especialidades médicas

Select Medical brinda atención especializada en los siguientes dominios médicos:

• Rehabilitación neurológica
• Recuperación ortopédica
• Rehabilitación cardíaca
• Tratamiento de lesiones de la médula espinal
• Recuperación de enfermedades críticas

Atención centrada en el paciente con planes de tratamiento personalizados

En 2022, Select Medical informó que sirvió aproximadamente 1,5 millones de encuentros de pacientes con una tasa de satisfacción del paciente del 92%.

Tecnologías médicas avanzadas y enfoques de tratamiento innovadores

Select Medical invirtió $ 47.3 millones en mejoras en tecnología e infraestructura en 2022, centrándose en:

• Plataformas de telesalud
• Sistemas de registro médico electrónico
• Equipo de diagnóstico avanzado

Soluciones de salud rentables para afecciones médicas complejas

Métricas de rendimiento financiero para 2022:

Métrica financiera	Cantidad
Ingresos totales	$ 6.8 mil millones
Lngresos netos	$ 441 millones
Margen operativo	8.2%

Select Medical Holdings Corporation (SEM) - Modelo de negocios: relaciones con los clientes

Atención y apoyo personalizados para el paciente

Select Medical reportó 5,237 ubicaciones totales de atención al paciente al 31 de diciembre de 2022. La compañía opera 1.873 hospitales de rehabilitación, clínicas de rehabilitación ambulatoria y centros de atención de urgencia en 28 estados.

Métrica de atención al paciente	Datos 2022
Ubicaciones totales de atención al paciente	5,237
Hospitales de rehabilitación	1,873
Estados de operación	28

Seguimiento médico continuo y monitoreo

Seleccionar los programas de seguimiento de pacientes médicos incluyen:

• Seguimiento integrado de registros de salud electrónica
• Servicios de consulta de telesalud
• Protocolos de monitoreo posterior al tratamiento

Plataformas de compromiso de pacientes digitales

La compañía invirtió $ 42.3 millones en infraestructura digital y tecnologías de participación del paciente en 2022.

Canales de comunicación directa con proveedores de atención médica

Canal de comunicación	Tasa de utilización
Plataformas de mensajería seguras	98.5%
Sistemas de referencia electrónica	95.3%
Portales de red de proveedores	92.7%

Programas de educación y apoyo del paciente

Select Medical asignó $ 18.7 millones para iniciativas de educación del paciente en 2022, cubriendo:

• Recursos de aprendizaje en línea
• Materiales de soporte de rehabilitación
• Guías de gestión de condiciones crónicas

Interacciones totales del paciente en 2022: 3.2 millones en todas las plataformas de atención.

Seleccione Medical Holdings Corporation (SEM) - Modelo de negocio: canales

Instalaciones directas de hospital e clínicos

Select Medical opera 5.059 ubicaciones de atención al paciente en los Estados Unidos a partir del cuarto trimestre de 2023. La compañía administra:

• 1.662 hospitales de cuidados agudos a largo plazo (LTACHS)
• 316 Instalaciones de rehabilitación de pacientes hospitalizados (IRF)
• 3.081 clínicas de rehabilitación ambulatoria

Tipo de instalación	Número de ubicaciones	Capacidad total del paciente
Hospitales de cuidados agudos a largo plazo	1,662	17.500 camas
Instalaciones de rehabilitación de hospitalización	316	8.200 camas
Clínicas de rehabilitación ambulatoria	3,081	N / A

Plataformas de telemedicina y cuidado virtual

Seleccione Capacidades de atención virtual ampliada médica con Aproximadamente 350,000 encuentros de telesalud en 2023.

Portales de pacientes en línea

Características de la plataforma digital:

• Programación del paciente
• Acceso a registros médicos
• Gestión de facturación

Redes de referencia de proveedores de atención médica

Tipo de red	Número de proveedores conectados
Socios del hospital	2,450
Red de referencia médica	12,500

Marketing digital y alcance del paciente

Inversión de marketing digital: $ 8.2 millones en 2023

• Plataformas de compromiso de redes sociales
• Publicidad digital dirigida
• Campañas de marketing por correo electrónico

Seleccione Medical Holdings Corporation (SEM) - Modelo de negocio: segmentos de clientes

Pacientes que requieren atención aguda a largo plazo

Select Medical atiende a aproximadamente 30,000 pacientes con cuidados agudos a largo plazo anualmente. La compañía opera 106 hospitales de atención aguda a largo plazo en 28 estados a partir de 2023.

Categoría de paciente	Volumen anual	Duración promedio de estadía
Pacientes de cuidados agudos a largo plazo	30,000	25-30 días

Pacientes de rehabilitación y recuperación

Select Medical Manage más de 1,900 clínicas de rehabilitación y rehabilitación ambulatoria en todo el país, atendiendo a aproximadamente 45,000 pacientes con rehabilitación mensualmente.

• Pacientes de rehabilitación ortopédica: 18,500 por mes
• Rehabilitación de lesiones deportivas: 12,000 por mes
• Pacientes de recuperación posquirúrgica: 14,500 por mes

Pacientes neurológicos y de fisioterapia

La compañía ofrece servicios especializados de rehabilitación neurológica en 42 centros dedicados de rehabilitación neurológica.

Condición neurológica	Volumen de paciente	Centros de tratamiento
Recuperación de accidente cerebrovascular	8.200 pacientes anualmente	22 centros
Lesión cerebral traumática	3.600 pacientes anualmente	15 centros

Individuos con afecciones médicas complejas

Selecto apoya a los pacientes con necesidades médicas complejas a través de programas de tratamiento especializados, atendiendo a aproximadamente 22,000 pacientes de atención compleja anualmente.

• Pacientes dependientes del ventilador: 6.500 anualmente
• Múltiples pacientes de condición crónica: 9.300 anualmente
• Pacientes de recuperación de cuidados intensivos: 6.200 anuales

Instituciones de atención médica y proveedores de seguros

Seleccionar colaboración médica con más de 450 redes de salud y 120 proveedores de seguros en los Estados Unidos.

Tipo de socio	Número de socios	Valor anual del contrato
Redes de atención médica	450	$ 1.2 mil millones
Proveedores de seguros	120	$ 850 millones

Seleccione Medical Holdings Corporation (SEM) - Modelo de negocio: Estructura de costos

Salarios y capacitación del personal médico

A partir de los informes financieros de 2023, los gastos de compensación total de empleados de Select Medical fueron de $ 2.1 mil millones. El desglose de los costos del personal médico incluye:

Categoría	Costo anual
Salarios médicos	$ 687 millones
Compensación del personal de enfermería	$ 532 millones
Programas de capacitación profesional	$ 43 millones

Mantenimiento y operaciones de las instalaciones

Los gastos relacionados con la instalación para 2023 totalizaron $ 456 millones, con los siguientes componentes clave:

• Utilidades: $ 87 millones
• Mantenimiento de la propiedad: $ 124 millones
• Gastos de arrendamiento y alquiler: $ 245 millones

Equipos médicos e inversiones en tecnología

Seleccione Medical Invertido $ 312 millones en tecnología y equipo médico en 2023, incluyendo:

Categoría de equipo	Monto de la inversión
Equipo de diagnóstico	$ 124 millones
Tecnología de rehabilitación	$ 98 millones
Infraestructura	$ 90 millones

Gastos de seguro y cumplimiento

El cumplimiento y los costos de seguro para 2023 fueron $ 187 millones, incluido:

• Seguro por negligencia médica: $ 92 millones
• Cumplimiento regulatorio: $ 55 millones
• Gestión de riesgos: $ 40 millones

Costos de investigación y desarrollo

Seleccionar médico asignado $ 64 millones a la investigación y el desarrollo en 2023, centrándose en:

Área de enfoque de I + D	Inversión
Investigación clínica	$ 38 millones
Innovación tecnológica	$ 26 millones

Seleccione Medical Holdings Corporation (SEM) - Modelo de negocio: flujos de ingresos

Ingresos del servicio del paciente

Para el año fiscal 2022, Select Medical informó ingresos por el servicio total del paciente de $ 6.66 mil millones.

Categoría de ingresos	Cantidad (2022)
Hospitales de rehabilitación de hospitalización	$ 1.94 mil millones
Hospitales de cuidados agudos a largo plazo	$ 1.56 mil millones
Centros de rehabilitación ambulatoria	$ 1.22 mil millones

Reembolsos de seguros

Seleccione Medical recibe reembolsos de varios proveedores de seguros, que incluyen:

• Medicare: 45.3% de los ingresos totales
• Seguro comercial: 38.7% de los ingresos totales
• Medicaid: 12.5% ​​de los ingresos totales
• Otros programas gubernamentales: 3.5% de los ingresos totales

Tarifas de tratamiento médico especializado

Los ingresos de tratamiento especializados en 2022 alcanzaron $ 892 millones, que incluyen:

Tratamiento especializado	Ganancia
Rehabilitación neurológica	$ 328 millones
Rehabilitación ortopédica	$ 276 millones
Rehabilitación cardíaca	$ 288 millones

Servicios de personal y consultoría médica

Select Medical generó $ 215 millones a partir de servicios de personal y consultoría médica en 2022.

Pagos del programa de salud del gobierno

Los pagos del Programa de Salud del Gobierno totalizaron $ 1.98 mil millones en 2022, desglosados ​​de la siguiente manera:

• Pagos de Medicare: $ 1.42 mil millones
• Pagos de Medicaid: $ 560 millones

Select Medical Holdings Corporation (SEM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Select Medical Holdings Corporation keeps its market position, especially as the healthcare landscape shifts. The value propositions are grounded in the sheer scale and specialization of their facilities.

Specialized, high-acuity care for medically complex patients is delivered through their Critical Illness Recovery Hospital segment. For the nine months ended September 30, 2025, this segment contributed to total revenue of $4,056.2 million across the continuing operations. The company operated 105 critical illness recovery hospitals as of September 30, 2025.

The comprehensive post-acute care continuum spans from intensive hospital care to outpatient therapy. Select Medical Holdings Corporation, as of September 30, 2025, operated a total of 2,063 facilities across its reportable segments. This continuum is detailed below:

Facility Type	Number of Facilities (as of 9/30/2025)	Segment Revenue (Q1 2025)
Critical Illness Recovery Hospitals	105	$637.0 million
Rehabilitation Hospitals	36	$307.4 million
Outpatient Rehabilitation Clinics	1,922	$307.3 million

The focus on improved patient outcomes is evidenced by the growth in the inpatient rehabilitation side, which saw revenue increase by 15.7% for the first quarter ended March 31, 2025, compared to the prior year period. This segment is a key area for future investment, with plans to add 440 additional beds by 2027.

Select Medical Holdings Corporation's geographic reach solidifies its position as one of the largest post-acute care providers in the U.S. As of September 30, 2025, the company had operations in 40 states and the District of Columbia. This scale is reflected in the total facility count:

• Total Facilities: 2,063 as of September 30, 2025.
• Critical Illness Recovery Hospitals: 105 in 29 states.
• Rehabilitation Hospitals: 36 in 14 states.
• Outpatient Rehabilitation Clinics: 1,922 in 39 states and the District of Columbia.

The integrated care model through joint ventures is a stated strategic focus, with management highlighting the plan to expand partnerships with larger health systems across the country. This collaborative effort is designed to expand the Select Medical care continuum into the communities those health systems serve, covering outpatient physical therapy, critical illness rehabilitation hospitals, and inpatient rehabilitation services.

For the nine months ended September 30, 2025, Select Medical Holdings Corporation reported total revenue of $4,056.2 million from continuing operations. The company maintained its 2025 revenue guidance range of $5.3 billion to $5.5 billion.

Select Medical Holdings Corporation (SEM) - Canvas Business Model: Customer Relationships

You're looking at how Select Medical Holdings Corporation manages the crucial link with the people and institutions that keep their facilities running. This isn't a transactional relationship; it's built on complexity and continuity of care, which is key for their long-term acute care and rehabilitation focus.

High-touch, personalized care for long-term patient recovery.

Select Medical Holdings Corporation centers its relationship model on intensive, individualized care pathways, especially for patients requiring extended stays following critical illness or major medical events. This high-touch approach is necessary because the patient population often has complex, evolving needs. The sheer scale of their operation shows the volume of these relationships they manage daily. As of September 30, 2025, Select Medical Holdings Corporation operated 105 critical illness recovery hospitals, 36 rehabilitation hospitals, and 1,922 outpatient rehabilitation clinics across 40 states and the District of Columbia.

The depth of this commitment is reflected in the sustained patient engagement, even as volumes shift. For instance, in the first quarter ended March 31, 2025, their Critical Illness Recovery Hospitals managed 291,324 patient days, maintaining an occupancy rate of 73%. The focus is definitely on quality over sheer volume, which is why eight of their hospitals have been recognized among the country's best rehabilitation hospitals, with the Kessler Institute for Rehabilitation ranking #4 for the 33rd consecutive year.

Dedicated clinical teams managing complex, extended patient stays.

Managing complex, extended stays requires stable, dedicated clinical teams who build rapport and continuity with the patient and their family over weeks or months. This specialized staffing model is a core part of the value proposition. The company employs a total of 44,100 people as of September 30, 2025, supporting this intensive level of service delivery. The relationship is sustained through the clinical staff who are present for the entire recovery arc.

Here's a snapshot of the patient volume these teams manage across the inpatient segments for the three months ended September 30, 2025:

Segment	Patient Days (3 Months Ended Sep 30, 2025)	Occupancy Rate (3 Months Ended Sep 30, 2025)
Critical Illness Recovery Hospitals	265,730	65%
Rehabilitation Hospitals	Data not explicitly available for Q3 2025 patient days in the same format as Q1	Data not explicitly available for Q3 2025 occupancy in the same format as Q1

Even in the outpatient setting, where relationships are shorter, the focus on value is clear: revenue per visit improved from $99 in Q1 2024 to $102 in Q1 2025.

Institutional relationships with referring hospitals and physicians.

The flow of patients into Select Medical Holdings Corporation's specialized hospitals is heavily dependent on strong, established relationships with acute care hospitals and referring physicians. These institutional ties are the primary source of patient acquisition for the Critical Illness Recovery and Rehabilitation Hospital segments. The company acknowledges that the failure to maintain these established relationships could reduce revenue and profitability. This means the relationship management extends beyond the bedside to the discharge planners and medical directors at the source facilities.

The company's growth strategy actively reinforces these institutional ties, such as the expansion of its inpatient rehab division through a joint venture with UPMC.

Patient-centric focus to drive superior care and outcomes.

The entire relationship structure is geared toward achieving superior patient outcomes, which in turn validates the high-touch model and strengthens referral sources. This focus on quality is a tangible element of the business model. The company's performance is tracked through metrics that reflect this commitment:

• Eight Select Medical hospitals recognized among the country's best rehabilitation hospitals as of Q2 2025.
• The Kessler Institute for Rehabilitation ranked #4 nationally for the 33rd consecutive year.
• Rehabilitation Hospital segment Adjusted EBITDA margin was 22.6% in Q2 2025.
• Outpatient revenue per visit increased to $102 in Q1 2025.

Ultimately, the relationship is a feedback loop: superior outcomes drive referrals, which sustains the high-acuity, high-touch care model. Finance: draft 13-week cash view by Friday.

Select Medical Holdings Corporation (SEM) - Canvas Business Model: Channels

You're looking at how Select Medical Holdings Corporation gets its specialized care services in front of the patients who need them, which is all about the referral pipeline and physical footprint. Honestly, the channel strategy is deeply tied to where the patients are discharged from the most acute settings.

The primary channel for Select Medical Holdings Corporation's inpatient services is direct patient admission from acute-care hospitals. This is where the continuum of care really kicks in; you're getting patients referred directly from the hospital floor when they no longer need acute care but still require intensive rehabilitation.

The physical network supporting this is substantial. As of June 30, 2025, Select Medical Holdings Corporation operated a network of 36 rehabilitation hospitals across 14 states. This is up from 35 as of March 31, 2025. For the Inpatient Rehabilitation Hospitals segment, revenue in the second quarter of 2025 hit $313.8 million, and the same-store occupancy rate for that division was 86% in that same quarter. That occupancy number tells you the referral engine is working well.

For community-based physical therapy, the outpatient side is massive. Select Medical Holdings Corporation runs 1,919 outpatient rehabilitation clinics in 39 states and the District of Columbia as of June 30, 2025. For the three months ended March 31, 2025, the clinics processed approximately 2,709,964 visits, with revenue per visit increasing to $102.

The lifeblood of this entire operation is the physician and case manager referral networks. These are the relationships that feed the beds and the clinic chairs. It's not just about having the facilities; it's about being the trusted next step. You see the success in the numbers: Inpatient Rehabilitation Hospitals treated about 40,000 patients annually, and a strong indicator of satisfaction is that 93.9% of those patients would recommend the hospitals.

Also, Select Medical Holdings Corporation actively uses joint venture facilities co-branded with health system partners to expand reach. This strategy lets them enter new markets or deepen existing relationships. For example, news in June 2025 noted a partnership with Ballad Health to operate an illness recovery hospital, and in October 2024, they launched a JV with SSM Health for a Rehab Hospital in Oklahoma City.

Here's a quick look at the facility footprint as of mid-2025:

Facility Type	Number of Facilities (as of June 30, 2025)	States of Operation
Rehabilitation Hospitals	36	14
Outpatient Rehabilitation Clinics	1,919	39 plus D.C.
Critical Illness Recovery Hospitals	104	29

The company's total operations span 40 states and the District of Columbia as of September 30, 2025.

You should track the growth in the inpatient rehab division, which saw revenue rise 17% year-over-year in Q2 2025, showing that channel is definitely gaining traction.

The key channels Select Medical Holdings Corporation uses to deliver value are:

• Direct patient admission from acute-care hospitals (primary channel).
• Network of 36 Inpatient Rehabilitation Hospitals.
• 1,919 Outpatient Rehabilitation Clinics for community-based physical therapy.
• Physician and case manager referral networks.
• Joint venture facilities co-branded with health system partners.

Finance: draft 13-week cash view by Friday.

Select Medical Holdings Corporation (SEM) - Canvas Business Model: Customer Segments

You're looking at the core groups Select Medical Holdings Corporation serves, which directly dictates where they deploy their 105 critical illness recovery hospitals, 36 rehabilitation hospitals, and 1,922 outpatient rehabilitation clinics across 40 states and the District of Columbia as of September 30, 2025.

The customer base is segmented by the level and type of post-acute care required, which is reflected in the revenue distribution for the six months ended June 30, 2025:

Customer Group Proxy (Service Segment)	Approximate Revenue Contribution (6M Ended 6/30/2025)	Key Operational Metric (Q3 2025)
Medically Complex/Extended Acute Care (CIRH)	46%	Occupancy Rate: 65%
Intensive Inpatient Rehabilitation (Rehab Hospitals)	23%	Occupancy Rate: 83%
Outpatient Therapy Services (Outpatient Rehab)	24%	Net Revenue Per Visit: $100

Medically complex patients requiring extended acute care are primarily served through the Critical Illness Recovery Hospital segment. For the nine months ended September 30, 2025, this segment generated $1,848.1 million in revenue.

Individuals needing intensive inpatient rehabilitation form the core of the Rehabilitation Hospital segment. This segment showed strong growth, with Q3 2025 revenue reaching $328.6 million, a 16.2% increase year-over-year. The company is actively expanding this area, aiming to add 382 rehab beds by the first half of 2027.

Patients requiring outpatient physical and occupational therapy services utilize the Outpatient Rehabilitation segment. For the nine months ended September 30, 2025, this segment brought in $960.3 million in revenue. However, this group is sensitive to reimbursement changes, as net revenue per visit for Q3 2025 was $100, down from $101 the prior year.

Health systems seeking to outsource or partner on post-acute care services represent a strategic customer base. Select Medical Holdings Corporation has entered into joint ventures, such as one with UPMC, to expand its inpatient rehab footprint.

Government payors (Medicare/Medicaid) and commercial insurance companies are the entities Select Medical Holdings Corporation contracts with to receive payment for services rendered to patients. The financial performance is clearly segmented by payor type within the service lines:

• Medicare revenue for the Critical Illness Recovery Hospital segment was $226,261 thousand (or $226.261 million) for the three months ended March 31, 2024.
• The company is actively managing risks associated with Medicare reimbursement, which has caused margin compression in the Critical Illness Recovery Hospital segment.
• The overall company reaffirmed its 2025 full-year revenue guidance target range of $5.3 billion to $5.5 billion. The trailing twelve-month revenue as of September 30, 2025, was $5.37 billion.

Select Medical Holdings Corporation (SEM) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Select Medical Holdings Corporation's specialized care network running. For a provider with over 2,000 facilities, the cost structure is dominated by the people and the places required to deliver that care.

Personnel expense (salaries, wages, benefits) is definitely the largest cost component. This is typical for a service-heavy industry like healthcare, where clinical staff are the primary value driver. This expense, along with others like operating supplies and lease costs, rolls up into the Cost of Services line item.

Facilities expense (rent, utilities, maintenance) is the second major pillar. Select Medical Holdings Corporation supports a massive physical footprint, which as of September 30, 2025, included 105 critical illness recovery hospitals, 36 rehabilitation hospitals, and 1,922 outpatient rehabilitation clinics across 40 states. That scale demands significant fixed and semi-fixed property costs.

The overall expense profile for fiscal year 2024 shows how tightly controlled these operational costs must be relative to top-line performance. The instruction specifies that Cost of services, exclusive of depreciation and amortization, was 87.8% of revenue in 2024. Based on the reported 2024 revenue of $5,187.1 million, this translates to approximately $4,554.0 million in direct service costs.

The non-cash charges are also significant, reflecting the asset-heavy nature of the business. Depreciation and amortization expense represented 2.8% of 2024 revenue. Using the same 2024 revenue base, this amounts to roughly $145.2 million.

Here's a quick look at how the major cost categories stacked up against the 2024 revenue base of $5,187.1 million, using the required percentages:

Cost Component Category	Percentage of 2024 Revenue	Estimated 2024 Dollar Amount (Millions USD)
Cost of Services (excl. D&A)	87.8%	$4,554.0
Depreciation and Amortization	2.8%	$145.2
General and Administrative (Implied Remainder)	~9.4%	~488.7

The need for Capital expenditures is constant to maintain and grow this infrastructure. Select Medical Holdings Corporation must continually invest in new hospital development, especially in the rehabilitation space, and in technology upgrades to support patient care and operational efficiency across its vast network. While a specific 2024 CapEx figure isn't immediately available, this spending is essential for supporting the 2025 revenue outlook, which is projected to be between $5.4 billion to $5.6 billion.

You should keep an eye on these key cost drivers:

• Personnel costs are the largest variable expense.
• Facilities costs are high due to the large physical footprint.
• The 87.8% Cost of Services ratio is the primary margin determinant.
• Ongoing CapEx is necessary for facility maintenance and growth.

Finance: draft 13-week cash view by Friday.

Select Medical Holdings Corporation (SEM) - Canvas Business Model: Revenue Streams

The revenue streams for Select Medical Holdings Corporation (SEM) are fundamentally tied to the delivery of specialized post-acute care services across its three primary operating segments. These streams are generated through patient services billed to various third-party payors.

For the six months ended June 30, 2025, the distribution of revenue across the core business units was quite clear. You can see the approximate contribution of each segment to the total revenue for that period:

Revenue Stream Source	Approximate Percentage of 2025 YTD Revenue (Six Months Ended June 30, 2025)
Critical Illness Recovery Hospitals revenue	46%
Rehabilitation Hospitals revenue	23%
Outpatient Rehabilitation Clinics revenue	24%

To give you a sense of the absolute dollars involved for the nine months ended September 30, 2025, the Critical Illness Recovery Hospital segment generated revenue of $1,848.1 million. The Outpatient Rehabilitation segment brought in revenue of $960.3 million for the same nine-month period. For the third quarter ended September 30, 2025, the Rehabilitation Hospital segment specifically recorded revenue of $328.6 million.

The actual cash inflow is dictated by the payor mix. Select Medical Holdings Corporation's revenue is collected primarily through reimbursement mechanisms:

• Reimbursement from Medicare.
• Reimbursement from Medicaid.
• Reimbursement from commercial payors.

On the shareholder return side, Select Medical Holdings Corporation maintained a consistent quarterly cash distribution policy through 2025. The Board of Directors declared a cash dividend of $0.0625 per share quarterly in 2025. For instance, the dividend declared on October 29, 2025, was $0.0625 per share, payable on or about November 25, 2025. This results in an annual dividend of $0.25 per share based on the quarterly frequency.

Here is a summary of the key financial points related to the revenue streams and shareholder returns:

Financial Metric	Value/Rate
Critical Illness Recovery Hospitals Revenue Share (6M YTD 2025)	Approx. 46%
Rehabilitation Hospitals Revenue Share (6M YTD 2025)	Approx. 23%
Outpatient Rehabilitation Clinics Revenue Share (6M YTD 2025)	Approx. 24%
Critical Illness Recovery Hospitals Revenue (9M YTD Sept 30, 2025)	$1,848.1 million
Outpatient Rehabilitation Segment Revenue (9M YTD Sept 30, 2025)	$960.3 million
Rehabilitation Hospital Segment Revenue (Q3 2025)	$328.6 million
Quarterly Cash Dividend Declared in 2025	$0.0625 per share
Annualized Cash Dividend based on 2025 quarterly rate	$0.25 per share

The total revenue for the third quarter ended September 30, 2025, was $1,363.4 million. This is the top-line figure against which those segment percentages are measured. It's defintely important to track the payor mix changes quarter-over-quarter.