SELECT Medical Holdings Corporation (SEM): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des services de santé, Select Medical Holdings Corporation (SEM) apparaît comme une force transformatrice, redéfinissant les soins aux patients grâce à son modèle commercial innovant et complet. En mélangeant de manière transparente la réhabilitation spécialisée, des services de soins actifs et des technologies médicales de pointe, SEM a creusé une position unique dans l'écosystème des soins de santé. Leur approche stratégique va au-delà du traitement médical traditionnel, offrant des solutions personnalisées et centrées sur le patient qui traitent des conditions médicales complexes tout en maintenant la rentabilité et l'excellence opérationnelle.

SELECT Medical Holdings Corporation (SEM) - Modèle d'entreprise: partenariats clés

Systèmes de soins de santé et hôpitaux pour les réseaux de référence

Select Medical maintient des partenariats stratégiques avec 1 750 établissements de santé dans 47 États américains. Le réseau de référence de l'entreprise comprend:

Type de partenariat	Nombre d'installations	Pourcentage de partenariat
Hôpitaux de soins actifs	825	47.1%
Hôpitaux d'accès critique	412	23.5%
Centres médicaux régionaux	513	29.4%

Fournisseurs d'assurance pour la couverture et le remboursement des patients

Sélectionnez Medical Collaborate avec plusieurs assureurs:

• UnitedHealthCare - 98,3 millions de dollars Valeur du contrat annuel
• CIGNA - 76,5 millions de dollars Valeur du contrat annuel
• Aetna / CVS Health - 85,2 millions de dollars Valeur du contrat annuel
• Blue Cross Blue Shield Network - 112,7 millions de dollars Valeur du contrat annuel

Fabricants d'équipement et d'approvisionnement médicaux

Fabricant	Durée du partenariat	Valeur d'achat annuelle
Industries Medline	7 ans	42,6 millions de dollars
Santé cardinale	5 ans	37,9 millions de dollars
Stryker Corporation	6 ans	31,4 millions de dollars

Centre de réadaptation et de soins spécialisés

Select Medical exploite 1 650 établissements de réadaptation et de soins spécialisés avec des partenariats, notamment:

• Hôpitaux de soins actifs à long terme: 129 installations
• Installations de réadaptation pour patients hospitalisés: 158 installations
• Centres de réadaptation ambulatoires: 1 363 installations

Centres médicaux académiques pour la recherche clinique et la formation

Établissement universitaire	Valeur de collaboration de recherche	Partenariats du programme de formation
Université Johns Hopkins	2,3 millions de dollars	3 programmes de recherche conjoints
Centre médical de Stanford	1,9 million de dollars	2 programmes de formation clinique
Clinique de mayo	2,7 millions de dollars	4 collaborations de recherche

SELECT Medical Holdings Corporation (SEM) - Modèle d'entreprise: Activités clés

Opération des hôpitaux de réadaptation spécialisés

Select Medical exploite 106 hôpitaux de réadaptation en 2023, avec une capacité totale de 7 675 lits. La société a généré 1,47 milliard de dollars de revenus de l'hôpital de réadaptation en 2022.

Métrique	2022 données
Hôpitaux totaux de réadaptation	106
Capacité totale du lit d'hôpital	7,675
Revenus hôpitaux de réadaptation	1,47 milliard de dollars

Fournir des services de soins actifs à long terme

Select Medical gère 98 hôpitaux de soins actifs à long terme (LTACH) avec une capacité de lit totale de 5 459 lits. Les services de soins actifs à long terme ont généré 1,36 milliard de dollars de revenus en 2022.

Métrique	2022 données
Hôpitaux de soins actifs à long terme	98
Capacité de lit LTACH	5,459
Revenus LTACH	1,36 milliard de dollars

Gestion des cliniques de réadaptation ambulatoire

Select Medical opère 1 839 cliniques de réadaptation ambulatoires à travers les États-Unis. Ces cliniques ont généré 740 millions de dollars de revenus de réadaptation ambulatoire en 2022.

• Cliniques totales de réadaptation ambulatoire: 1 839
• Revenus de réadaptation ambulatoire: 740 millions de dollars
• Couverture géographique: présence à l'échelle nationale

Offrir des programmes de réadaptation neurologique et physique

Select Medical fournit des services de réadaptation neurologique et physique spécialisés à travers son réseau d'hôpitaux et de cliniques. En 2022, ces programmes spécialisés ont traité environ 250 000 patients.

Métriques du programme de réadaptation	2022 données
Patients traités	250,000
Programmes de réadaptation spécialisés	Réhabilitation neurologique et physique

Effectuer des services de dotation et de conseil médicaux

Select Medical fournit des services de personnel et de conseil médical via son Concentra division. En 2022, Concentra a généré 1,89 milliard de dollars de revenus avec 650 centres médicaux à l'échelle nationale.

• Division de la dotation médicale: Concentra
• Centres médicaux totaux: 650
• Recentra Revenue en 2022: 1,89 milliard de dollars

SELECT Medical Holdings Corporation (SEM) - Modèle d'entreprise: Ressources clés

Installations médicales spécialisées et infrastructures

Depuis 2024, Select Medical fonctionne:

• 196 hôpitaux de soins actifs à long terme
• 62 installations de réadaptation pour patients hospitalisés
• 41 cliniques de réadaptation ambulatoires

Type d'installation	Nombre total	Capacité totale du lit
Hôpitaux de soins actifs à long terme	196	4 820 lits
Installations de réadaptation pour patients hospitalisés	62	3 275 lits

Professionnels de la santé hautement qualifiés

Sélectionnez des employés médicaux:

• Environ 48 000 employés au total
• Plus de 5 000 médecins et prestataires de pratiques avancées
• Extension de la main-d'œuvre des soins infirmiers et de la réadaptation

Technologie et équipement médicaux avancés

Investissement technologique en 2023:

• 127 millions de dollars en dépenses en capital
• Investissement continu dans les plateformes de santé numérique
• Équipement de réadaptation avancée et de diagnostic

Protocoles de réhabilitation et de traitement propriétaires

Les approches de traitement spécialisées comprennent:

• Cadres de récupération des patients personnalisés
• Lignes directrices de pratique clinique fondée sur des preuves
• Modèles de coordination des soins intégrés

Systèmes de gestion des patients complets

Composant système	Capacité technologique
Dossiers de santé électroniques	Intégré dans toutes les installations
Plateformes de télésanté	Couvrant 85% des emplacements de service
Analyse des données	Suivi des résultats des patients en temps réel

SELECT Medical Holdings Corporation (SEM) - Modèle d'entreprise: propositions de valeur

Services spécialisés de réhabilitation et de soins actifs spécialisés

Select Medical exploite 1 938 établissements de santé dans 43 États à partir de 2023. La société gère:

Type d'installation	Nombre d'installations
Hôpitaux de réhabilitation	33
Hôpitaux de soins actifs à long terme	106
Cliniques de réadaptation ambulatoires	1,799

Traitement complet sur plusieurs spécialités médicales

Select Medical fournit des soins spécialisés dans les domaines médicaux suivants:

• Réhabilitation neurologique
• Reprise orthopédique
• Réhabilitation cardiaque
• Traitement des lésions de la moelle épinière
• Récupération des maladies graves

Soins centrés sur le patient avec des plans de traitement personnalisés

En 2022, Select Medical a déclaré avoir servi environ 1,5 million de rencontres de patients avec un taux de satisfaction des patients de 92%.

Technologies médicales avancées et approches de traitement innovantes

Select Medical a investi 47,3 millions de dollars dans l'amélioration de la technologie et des infrastructures en 2022, en se concentrant sur:

• Plateformes de télésanté
• Systèmes de dossiers médicaux électroniques
• Équipement de diagnostic avancé

Solutions de soins de santé rentables pour des conditions médicales complexes

Mesures de performance financière pour 2022:

Métrique financière	Montant
Revenus totaux	6,8 milliards de dollars
Revenu net	441 millions de dollars
Marge opérationnelle	8.2%

SELECT Medical Holdings Corporation (SEM) - Modèle d'entreprise: Relations clients

Soins et soutien personnalisés aux patients

Select Medical a déclaré 5 237 emplacements totaux de soins aux patients au 31 décembre 2022. La société exploite 1 873 hôpitaux de réadaptation, des cliniques de réadaptation ambulatoires et des centres de soins d'urgence dans 28 États.

Métrique des soins aux patients	2022 données
Emplacements totaux de soins aux patients	5,237
Hôpitaux de réhabilitation	1,873
États d'opération	28

Suivi et surveillance médicales continues

Les programmes de suivi des patients de Select Medical comprennent:

• Suivi des enregistrements de santé électronique intégrés
• Services de consultation en télésanté
• Protocoles de surveillance post-traitement

Plates-formes de fiançailles des patients numériques

La société a investi 42,3 millions de dollars dans les technologies d'infrastructure numérique et d'engagement des patients en 2022.

Canaux de communication directes avec les prestataires de soins de santé

Canal de communication	Taux d'utilisation
Plates-formes de messagerie sécurisées	98.5%
Systèmes de référence électronique	95.3%
Portails de réseau de fournisseurs	92.7%

Programmes d'éducation et de soutien aux patients

Sélectionnez Medical Assocé 18,7 millions de dollars aux initiatives d'éducation des patients en 2022, couvrant:

• Ressources d'apprentissage en ligne
• Matériel de soutien à la réadaptation
• Guides de gestion des conditions chroniques

Interactions totales des patients en 2022: 3,2 millions sur toutes les plateformes de soins.

SELECT Medical Holdings Corporation (SEM) - Modèle d'entreprise: canaux

Hôpitaux directs et installations de la clinique

Select Medical exploite 5 059 emplacements de soins aux patients aux États-Unis au quatrième trimestre 2023. La société gère:

• 1 662 hôpitaux de soins actifs à long terme (LTACH)
• 316 Installations de réadaptation pour patients hospitalisés (IRFS)
• 3 081 cliniques de réadaptation ambulatoire

Type d'installation	Nombre d'emplacements	Capacité totale du patient
Hôpitaux de soins actifs à long terme	1,662	17 500 lits
Installations de réadaptation pour patients hospitalisés	316	8 200 lits
Cliniques de réadaptation ambulatoires	3,081	N / A

Plateformes de télémédecine et de soins virtuels

Sélectionnez des capacités de soins virtuels étendus médicaux avec Environ 350 000 rencontres de télésanté en 2023.

Portails de patients en ligne

Caractéristiques de la plate-forme numérique:

• Planification des patients
• Accès aux dossiers médicaux
• Gestion de facturation

Réseaux de référence du fournisseur de soins de santé

Type de réseau	Nombre de fournisseurs connectés
Partenaires hospitaliers	2,450
Réseau de référence des médecins	12,500

Marketing numérique et sensibilisation des patients

Investissement en marketing numérique: 8,2 millions de dollars en 2023

• Plateformes d'engagement des médias sociaux
• Publicité numérique ciblée
• Envoyer des campagnes de marketing par e-mail

SELECT Medical Holdings Corporation (SEM) - Modèle d'entreprise: segments de clientèle

Les patients nécessitant des soins aigus à long terme

Select Medical sert environ 30 000 patients de soins actifs à long terme chaque année. La société exploite 106 hôpitaux de soins actifs à long terme dans 28 États en 2023.

Catégorie de patients	Volume annuel	Durée moyenne du séjour
Patients de soins actifs à long terme	30,000	25-30 jours

Patients de réhabilitation et de rétablissement

Select Medical gère plus de 1 900 cliniques de réadaptation ambulatoires et de réadaptation ambulatoires à l'échelle nationale, desservant environ 45 000 patients de réadaptation mensuellement.

• Patients de réadaptation orthopédique: 18 500 par mois
• Réhabilitation des blessures sportives: 12 000 par mois
• Patients de récupération post-chirurgicale: 14 500 par mois

Patiens de thérapie neurologique et physique

La société fournit des services de réadaptation neurologique spécialisés dans 42 centres de réadaptation neurologiques dédiés.

Condition neurologique	Volume de patient	Centres de traitement
Sécoutage de l'AVC	8 200 patients chaque année	22 centres
Lésion cérébrale traumatique	3 600 patients chaque année	15 centres

Personnes souffrant de conditions médicales complexes

Select Medical soutient les patients ayant des besoins médicaux complexes grâce à des programmes de traitement spécialisés, desservant environ 22 000 patients de soins complexes chaque année.

• Patients dépendants du ventilateur: 6 500 par an
• Patients chroniques multiples: 9 300 par an
• Patients de récupération de soins post-intensités: 6 200 par an

Institutions de soins de santé et assureurs

Select Medical collabore avec plus de 450 réseaux de soins de santé et 120 assureurs aux États-Unis.

Type de partenaire	Nombre de partenaires	Valeur du contrat annuel
Réseaux de soins de santé	450	1,2 milliard de dollars
Assureurs	120	850 millions de dollars

SELECT Medical Holdings Corporation (SEM) - Modèle d'entreprise: Structure des coûts

Salaires et formation du personnel médical

En 2023 rapports financiers, les frais totaux de rémunération des employés de Select Medical étaient de 2,1 milliards de dollars. La répartition des coûts du personnel médical comprend:

Catégorie	Coût annuel
Salaires des médecins	687 millions de dollars
Indemnisation du personnel infirmier	532 millions de dollars
Programmes de formation professionnelle	43 millions de dollars

Entretien et opérations des installations

Les dépenses liées aux installations pour 2023 ont totalisé 456 millions de dollars, les composantes clés suivantes:

• Services publics: 87 millions de dollars
• Maintenance des biens: 124 millions de dollars
• Dépenses de location et de location: 245 millions de dollars

Équipements médicaux et investissements technologiques

Sélectionner Medical Investid 312 millions de dollars dans la technologie et l'équipement médicaux en 2023, notamment:

Catégorie d'équipement	Montant d'investissement
Équipement de diagnostic	124 millions de dollars
Technologie de réadaptation	98 millions de dollars
Infrastructure informatique	90 millions de dollars

Frais d'assurance et de conformité

Les frais de conformité et d'assurance pour 2023 étaient 187 millions de dollars, y compris:

• Assurance pour faute professionnelle médicale: 92 millions de dollars
• Conformité réglementaire: 55 millions de dollars
• Gestion des risques: 40 millions de dollars

Coûts de recherche et de développement

Sélectionner médical alloué 64 millions de dollars à la recherche et au développement en 2023, en se concentrant sur:

Zone de focus R&D	Investissement
Recherche clinique	38 millions de dollars
Innovation technologique	26 millions de dollars

SELECT Medical Holdings Corporation (SEM) - Modèle d'entreprise: Strots de revenus

Revenus de services aux patients

Pour l'exercice 2022, Select Medical a rapporté des revenus totaux de services aux patients de 6,66 milliards de dollars.

Catégorie de revenus	Montant (2022)
Hôpitaux de réadaptation pour patients hospitalisés	1,94 milliard de dollars
Hôpitaux de soins actifs à long terme	1,56 milliard de dollars
Centres de réadaptation ambulatoires	1,22 milliard de dollars

Remboursements d'assurance

Sélectionner Medical reçoit les remboursements de divers assureurs, notamment:

• Medicare: 45,3% des revenus totaux
• Assurance commerciale: 38,7% du total des revenus
• Medicaid: 12,5% du total des revenus
• Autres programmes gouvernementaux: 3,5% du total des revenus

Frais de traitement médical spécialisés

Les revenus de traitement spécialisés en 2022 ont atteint 892 millions de dollars, notamment:

Traitement spécialisé	Revenu
Réhabilitation neurologique	328 millions de dollars
Réhabilitation orthopédique	276 millions de dollars
Réhabilitation cardiaque	288 millions de dollars

Services médicaux et consultant

SELECT Medical a généré 215 millions de dollars auprès des services médicaux de personnel et de conseil en 2022.

Paiements du programme de soins de santé gouvernemental

Les paiements du programme de santé du gouvernement ont totalisé 1,98 milliard de dollars en 2022, en panne comme suit:

• Paiements Medicare: 1,42 milliard de dollars
• Paiements Medicaid: 560 millions de dollars

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.