Selecione Medical Holdings Corporation (SEM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico dos serviços de saúde, a Select Medical Holdings Corporation (SEM) surge como uma força transformadora, redefinindo o atendimento ao paciente por meio de seu modelo de negócios inovador e abrangente. Ao misturar perfeitamente a reabilitação especializada, os serviços de cuidados agudos e as tecnologias médicas de ponta, o SEM conquistou uma posição única no ecossistema de saúde. Sua abordagem estratégica vai além do tratamento médico tradicional, oferecendo soluções personalizadas e centradas no paciente que abordam condições médicas complexas, mantendo a relação custo-benefício e a excelência operacional.

Selecione Medical Holdings Corporation (SEM) - Modelo de Negócios: Principais Parcerias

Sistemas de saúde e hospitais para redes de referência

A Select Medical mantém parcerias estratégicas com 1.750 instalações de saúde em 47 estados dos EUA. A rede de referência da empresa inclui:

Tipo de parceria	Número de instalações	Porcentagem de parceria
Hospitais de cuidados agudos	825	47.1%
Hospitais de acesso crítico	412	23.5%
Centros médicos regionais	513	29.4%

Provedores de seguros para cobertura e reembolso do paciente

Selecione Medical Collaborates com vários provedores de seguros:

• UnitedHealthcare - US $ 98,3 milhões no valor do contrato anual
• Cigna - US $ 76,5 milhões do valor do contrato anual
• Saúde Aetna/CVS - US $ 85,2 milhões no valor do contrato anual
• Rede Blue Cross Blue Shield - US $ 112,7 milhões no valor do contrato anual

Equipamentos médicos e fabricantes de suprimentos

Fabricante	Duração da parceria	Valor anual de compras
Medline Industries	7 anos	US $ 42,6 milhões
Cardinal Health	5 anos	US $ 37,9 milhões
Stryker Corporation	6 anos	US $ 31,4 milhões

Instalações de reabilitação e assistência especializada

A Select Medical opera 1.650 instalações de reabilitação e assistência especializada com parcerias, incluindo:

• Hospitais de cuidados agudos de longo prazo: 129 instalações
• Instalações de reabilitação de pacientes internados: 158 instalações
• Centros de reabilitação ambulatorial: 1.363 instalações

Centros Médicos Acadêmicos de Pesquisa Clínica e Treinamento

Instituição Acadêmica	Valor de colaboração de pesquisa	Parcerias do Programa de Treinamento
Universidade Johns Hopkins	US $ 2,3 milhões	3 programas de pesquisa conjuntos
Stanford Medical Center	US $ 1,9 milhão	2 programas de treinamento clínico
Clínica Mayo	US $ 2,7 milhões	4 Colaborações de pesquisa

Selecione Medical Holdings Corporation (SEM) - Modelo de Negócios: Atividades -chave

Hospitais de reabilitação especializados em operação

A Select Medical opera 106 hospitais de reabilitação a partir de 2023, com uma capacidade total de 7.675 camas. A empresa gerou US $ 1,47 bilhão em receita hospitalar de reabilitação em 2022.

Métrica	2022 dados
Hospitais totais de reabilitação	106
Capacidade total do leito hospitalar	7,675
Receita hospitalar de reabilitação	US $ 1,47 bilhão

Fornecendo serviços de cuidados agudos a longo prazo

A Select Medical gerencia 98 hospitais de cuidados agudos de longo prazo (LTACH) com uma capacidade total de leito de 5.459 camas. Os serviços de cuidados agudos de longo prazo geraram US $ 1,36 bilhão em receita em 2022.

Métrica	2022 dados
Hospitais de cuidados agudos de longo prazo	98
Capacidade do leito ltach	5,459
Receita de Ltach	US $ 1,36 bilhão

Gerenciando clínicas de reabilitação ambulatorial

A Select Medical opera 1.839 clínicas de reabilitação ambulatorial nos Estados Unidos. Essas clínicas geraram US $ 740 milhões em receita de reabilitação ambulatorial em 2022.

• Clínicas de reabilitação ambulatorial total: 1.839
• Receita de reabilitação ambulatorial: US $ 740 milhões
• Cobertura geográfica: presença nacional

Entregando programas de reabilitação neurológica e física

A Select Medical fornece serviços especializados de reabilitação neurológica e física em sua rede de hospitais e clínicas. Em 2022, esses programas especializados trataram aproximadamente 250.000 pacientes.

Métricas do Programa de Reabilitação	2022 dados
Pacientes tratados	250,000
Programas de reabilitação especializados	Reabilitação neurológica e física

Conduzindo serviços de pessoal e consultoria médicos

A Select Medical fornece serviços médicos e serviços de consultoria por meio de seu Concentra divisão. Em 2022, a Concentra gerou US $ 1,89 bilhão em receita com 650 centros médicos em todo o país.

• Divisão de Pessoal Médico: Concentra
• Total de Centros Médicos: 650
• Receita da Concentra em 2022: US $ 1,89 bilhão

Selecione Medical Holdings Corporation (SEM) - Modelo de Negócios: Recursos -Principais

Instalações médicas e infraestrutura especializadas

A partir de 2024, o Select Medical opera:

• 196 hospitais de cuidados agudos de longo prazo
• 62 Instalações de reabilitação de pacientes internados
• 41 clínicas de reabilitação ambulatorial

Tipo de instalação	Número total	Capacidade total da cama
Hospitais de cuidados agudos de longo prazo	196	4.820 camas
Instalações de reabilitação de pacientes internados	62	3.275 camas

Profissionais de saúde altamente treinados

Empregos médicos selecionados:

• Aproximadamente 48.000 funcionários totais
• Mais de 5.000 médicos e fornecedores de prática avançada
• Extensa força de trabalho especializada em enfermagem e reabilitação

Tecnologia Médica Avançada e Equipamento

Investimento de tecnologia em 2023:

• US $ 127 milhões em despesas de capital
• Investimento contínuo em plataformas de saúde digital
• Equipamento avançado de reabilitação e diagnóstico

Protocolos de reabilitação e tratamento proprietários

As abordagens de tratamento especializadas incluem:

• Estruturas personalizadas de recuperação de pacientes
• Diretrizes de prática clínica baseadas em evidências
• Modelos de coordenação de cuidados integrados

Sistemas abrangentes de gerenciamento de pacientes

Componente do sistema	Capacidade tecnológica
Registros eletrônicos de saúde	Integrado em todas as instalações
Plataformas de telessaúde	Cobrindo 85% dos locais de serviço
Análise de dados	Rastreamento de resultados de pacientes em tempo real

Selecione Medical Holdings Corporation (SEM) - Modelo de Negócios: Proposições de Valor

Serviços especializados de reabilitação e cuidados agudos de alta qualidade

A Select Medical opera 1.938 instalações de saúde em 43 estados a partir de 2023. A empresa gerencia:

Tipo de instalação	Número de instalações
Hospitais de reabilitação	33
Hospitais de cuidados agudos de longo prazo	106
Clínicas de reabilitação ambulatorial	1,799

Tratamento abrangente em várias especialidades médicas

A Select Medical fornece atendimento especializado nos seguintes domínios médicos:

• Reabilitação neurológica
• Recuperação ortopédica
• Reabilitação cardíaca
• Tratamento de lesão medular
• Recuperação de doenças críticas

Cuidado centrado no paciente com planos de tratamento personalizados

Em 2022, a seleção relatou a Medical relatada atendendo a aproximadamente 1,5 milhão de encontros de pacientes com uma taxa de satisfação do paciente de 92%.

Tecnologias médicas avançadas e abordagens de tratamento inovador

A Select Medical investiu US $ 47,3 milhões em melhorias de tecnologia e infraestrutura em 2022, com foco em:

• Plataformas de telessaúde
• Sistemas eletrônicos de registro médico
• Equipamento de diagnóstico avançado

Soluções de saúde econômicas para condições médicas complexas

Métricas de desempenho financeiro para 2022:

Métrica financeira	Quantia
Receita total	US $ 6,8 bilhões
Resultado líquido	US $ 441 milhões
Margem operacional	8.2%

Selecione Medical Holdings Corporation (SEM) - Modelo de Negócios: Relacionamentos do Cliente

Atendimento e apoio personalizados ao paciente

A Select Medical relatou 5.237 locais totais de atendimento ao paciente em 31 de dezembro de 2022. A Companhia opera 1.873 hospitais de reabilitação, clínicas de reabilitação ambulatorial e centros de atendimento de urgência em 28 estados.

Métrica de atendimento ao paciente	2022 dados
Locais totais de atendimento ao paciente	5,237
Hospitais de reabilitação	1,873
Estados de operação	28

Acompanhamento médico contínuo e monitoramento

Os programas de acompanhamento de pacientes da Select Medical incluem:

• Rastreamento de registros de saúde eletrônico integrado
• Serviços de consulta de telessaúde
• Protocolos de monitoramento pós-tratamento

Plataformas de engajamento de pacientes digitais

A empresa investiu US $ 42,3 milhões em infraestrutura digital e tecnologias de envolvimento de pacientes em 2022.

Canais de comunicação direta com prestadores de serviços de saúde

Canal de comunicação	Taxa de utilização
Plataformas de mensagens seguras	98.5%
Sistemas de referência eletrônica	95.3%
Portais de rede de provedores	92.7%

Programas de educação e apoio do paciente

Selecione Medical alocou US $ 18,7 milhões para iniciativas de educação de pacientes em 2022, cobrindo:

• Recursos de aprendizado on -line
• Materiais de suporte de reabilitação
• Guias de gerenciamento de condições crônicas

Total de interações dos pacientes em 2022: 3,2 milhões em todas as plataformas de atendimento.

Selecione Medical Holdings Corporation (SEM) - Modelo de Negócios: Canais

Hospital Diretos e Instalações Clínicas

A Select Medical opera 5.059 locais de atendimento ao paciente nos Estados Unidos a partir do quarto trimestre 2023. A empresa gerencia:

• 1.662 hospitais de cuidados agudos de longo prazo (LTACHs)
• 316 Instalações de reabilitação de internação (IRFs)
• 3.081 clínicas de reabilitação ambulatorial

Tipo de instalação	Número de locais	Capacidade total do paciente
Hospitais de cuidados agudos de longo prazo	1,662	17.500 camas
Instalações de reabilitação de pacientes internados	316	8.200 camas
Clínicas de reabilitação ambulatorial	3,081	N / D

Plataformas de telemedicina e cuidados virtuais

Selecione recursos médicos de cuidados virtuais expandidos com Aproximadamente 350.000 encontros de telessaúde em 2023.

Portais de pacientes online

Recursos da plataforma digital:

• Programação do paciente
• Acesso ao registro médico
• Gerenciamento de cobrança

Redes de referência de prestadores de serviços de saúde

Tipo de rede	Número de fornecedores conectados
Parceiros do hospital	2,450
Rede de referência médica	12,500

Marketing digital e alcance do paciente

Investimento de marketing digital: US $ 8,2 milhões em 2023

• Plataformas de engajamento de mídia social
• Publicidade digital direcionada
• Campanhas de marketing por email

Selecione Medical Holdings Corporation (SEM) - Modelo de Negócios: Segmentos de Clientes

Pacientes que necessitam de cuidados agudos a longo prazo

A seleção médica atende aproximadamente 30.000 pacientes de cuidados agudos a longo prazo anualmente. A empresa opera 106 hospitais de cuidados agudos de longo prazo em 28 estados a partir de 2023.

Categoria de pacientes	Volume anual	Duração média de estadia
Pacientes de cuidados agudos a longo prazo	30,000	25-30 dias

Pacientes de reabilitação e recuperação

A Select Medical gerencia mais de 1.900 clínicas de reabilitação e reabilitação ambulatorial em todo o país, atendendo a aproximadamente 45.000 pacientes de reabilitação mensalmente.

• Pacientes de reabilitação ortopédica: 18.500 por mês
• Reabilitação de lesões esportivas: 12.000 por mês
• Pacientes de recuperação pós-cirúrgica: 14.500 por mês

Pacientes neurológicos e fisioterapia

A empresa fornece serviços especializados de reabilitação neurológica em 42 centros de reabilitação neurológica dedicados.

Condição neurológica	Volume do paciente	Centros de tratamento
Recuperação de AVC	8.200 pacientes anualmente	22 centros
Lesão cerebral traumática	3.600 pacientes anualmente	15 centros

Indivíduos com condições médicas complexas

A Select Medical Apoia pacientes com necessidades médicas complexas por meio de programas de tratamento especializados, atendendo a aproximadamente 22.000 pacientes complexos de assistência anualmente.

• Pacientes dependentes do ventilador: 6.500 anualmente
• Múltiplos pacientes com condição crônica: 9.300 anualmente
• Pacientes de recuperação de terapia pós-intensiva: 6.200 anualmente

Instituições de saúde e provedores de seguros

Selecione colaborar médico com mais de 450 redes de saúde e 120 provedores de seguros nos Estados Unidos.

Tipo de parceiro	Número de parceiros	Valor anual do contrato
Redes de saúde	450	US $ 1,2 bilhão
Provedores de seguros	120	US $ 850 milhões

Selecione Medical Holdings Corporation (SEM) - Modelo de Negócios: Estrutura de Custo

Salários da equipe médica e treinamento

A partir de 2023, os relatórios financeiros, as despesas totais de remuneração dos funcionários da Select Medical foram de US $ 2,1 bilhões. A quebra dos custos da equipe médica inclui:

Categoria	Custo anual
Salários do médico	US $ 687 milhões
Compensação da equipe de enfermagem	US $ 532 milhões
Programas de treinamento profissional	US $ 43 milhões

Manutenção e operações da instalação

As despesas relacionadas à instalação em 2023 totalizaram US $ 456 milhões, com os seguintes componentes-chave:

• Utilitários: US $ 87 milhões
• Manutenção de propriedades: US $ 124 milhões
• Despesas de arrendamento e aluguel: US $ 245 milhões

Equipamentos médicos e investimentos em tecnologia

Selecione Medical Invested US $ 312 milhões em tecnologia e equipamento médico em 2023, incluindo:

Categoria de equipamento	Valor do investimento
Equipamento de diagnóstico	US $ 124 milhões
Tecnologia de reabilitação	US $ 98 milhões
Infraestrutura de TI	US $ 90 milhões

Despesas de seguro e conformidade

Os custos de conformidade e seguro para 2023 foram US $ 187 milhões, incluindo:

• Seguro de negligência médica: US $ 92 milhões
• Conformidade regulatória: US $ 55 milhões
• Gerenciamento de riscos: US $ 40 milhões

Custos de pesquisa e desenvolvimento

Selecione Alocada Médica US $ 64 milhões Para pesquisar e desenvolver em 2023, concentrando -se em:

Área de foco em P&D	Investimento
Pesquisa clínica	US $ 38 milhões
Inovação tecnológica	US $ 26 milhões

Selecione Medical Holdings Corporation (SEM) - Modelo de Negócios: Fluxos de Receita

Receita de serviço do paciente

Para o ano fiscal de 2022, a Select Medical relatou receitas totais de serviço ao paciente de US $ 6,66 bilhões.

Categoria de receita	Valor (2022)
Hospitais de reabilitação de pacientes internados	US $ 1,94 bilhão
Hospitais de cuidados agudos de longo prazo	US $ 1,56 bilhão
Centros de reabilitação ambulatorial	US $ 1,22 bilhão

Reembolsos de seguros

A seleção médica recebe reembolsos de vários provedores de seguros, incluindo:

• Medicare: 45,3% da receita total
• Seguro comercial: 38,7% da receita total
• Medicaid: 12,5% da receita total
• Outros programas governamentais: 3,5% da receita total

Taxas especializadas de tratamento médico

As receitas de tratamento especializadas em 2022 atingiram US $ 892 milhões, incluindo:

Tratamento especializado	Receita
Reabilitação neurológica	US $ 328 milhões
Reabilitação ortopédica	US $ 276 milhões
Reabilitação cardíaca	US $ 288 milhões

Serviços de pessoal e consultoria médicos

A Select Medical gerou US $ 215 milhões em serviços de pessoal e consultoria médicos em 2022.

Pagamentos do Programa de Saúde do Governo

Os pagamentos do Programa de Saúde do Governo totalizaram US $ 1,98 bilhão em 2022, divididos da seguinte forma:

• Pagamentos do Medicare: US $ 1,42 bilhão
• Pagamentos do Medicaid: US $ 560 milhões

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.