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Encompass Health (formerly HealthSouth) is the largest owner and operator of inpatient rehabilitation hospitals in the United States — 173 hospitals across 39 states and Puerto Rico that treat patients recovering from strokes, hip fractures, brain and spinal-cord injuries. It sits at the post-acute end of the healthcare chain: acute-care hospitals discharge patients to it, it delivers intensive rehab, and it gets paid overwhelmingly by Medicare and Medicare Advantage (~82% of revenue). Its growth engine is building brand-new 'de novo' hospitals, often in joint ventures with local health systems.

Growth by building, not buying

Unlike acute-hospital chains that grow by acquisition, Encompass Health mostly builds brand-new 'de novo' rehab hospitals — often in majority joint ventures with local health systems like Piedmont and Vanderbilt. That lets it plant in underserved markets cheaply while a partner supplies referrals and local reputation.

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