Acadia Healthcare (Nasdaq: ACHC) and Lutheran Health Network of Indiana have announced a joint venture partnership to build a behavioral health hospital in Fort Wayne.
The 120-bed facility, which is scheduled to open next spring, will provide inpatient and outpatient care to adults, seniors and adolescents for acute mental health conditions like anxiety, depression, bipolar disorder and post-traumatic stress disorder (PTSD).
The new facility, according to the providers, represents an investment of approximately $45 million.
“Lutheran Health Network has been a trusted healthcare provider to the people of Fort Wayne and surrounding communities, and we welcome Acadia Healthcare to the region,” Mark Medley, Lutheran Health Network of Indiana’s president and CEO, said in a press release announcing the news.
Lutheran Health Network of Indiana is an affiliate of Fort Wayne-based Lutheran Health Network, which operates over 100 care access points in the northeastern part of the Hoosier State.
Meanwhile, Acadia is one of the largest behavioral health providers in the nation. Headquartered in Franklin, Tennessee, the company operates 227 facilities across 40 U.S. states and Puerto Rico.
Acadia’s new venture comes amidst the behavioral health care giant’s recommitment to its domestic market. In January, the company officially divested itself of its United Kingdom operations, closing on the sale of its 360 British properties to Waterland Private Equity.
During the company’s Q4 and year-end 2020 earnings call last month, leaders said that Acadia intends to add 300 beds this year to existing facilities, 60 more than it added last year. Additionally, Acadia announced plans to open 4 to 5 new facilities in 2022 as a result of joint partnerships with other providers. The new hospital that it is building in Fort Wayne with Lutheran Health Network of Indiana seems to be one of those.
“Acadia is extremely pleased to be partnering with a premier integrated healthcare delivery system like Lutheran Health Network to provide these critically needed services in Fort Wayne and throughout northeastern Indiana,” Jeffrey Woods, Acadia’s operations group president, said in the press release. “The new hospital will bring life-saving services to individuals and families throughout the region. We look forward to creating this modern, patient-centered facility offering hope and healing for those in-need.”
On Acadia’s recent earnings call, company leaders also outlined increased interest in acquisitions as a means of growth. In recent years, transactions haven’t been a big part of that strategy.
“We see potential for M&A,” Acadia CEO Debbie Osteen said during the February earnings call. “We think that there’s real potential, now that we do have our balance sheet in much better condition.”
Companies featured in this article:
Acadia Healthcare, Lutheran Health Network, Lutheran Health Network of Indiana, Waterland Private Equity
