Acadia Healthcare CEO Joey Jacobs on Wednesday said the Franklin-based company is pursuing several joint ventures with nonprofits as a way to further boost its growth.
Behavioral health care provider Acadia is partnering with Memphis nonprofit Saint Francis Hospital and Acadia's 2013 acquisition Delta Medical Center to open a 60-bed psychiatric hospital. According to documents filed with the state, Acadia obtained approval in April to delicense 40 beds from Saint Francis and 20 from Delta to build Crestwyn Behavioral Health, a $26 million hospital in Germantown.
"We're going through the zoning right now to get the ability to start bidding that facility, so that's something that's 18 months away," Jacobs said on his team's second-quarter conference call.
Jacobs also told investors another JV could be announced in the third quarter — one "even more exciting than what we're doing in the Memphis market." On the call, Jacobs also said 150 new beds would come online at various Acadia properties this year, plus two to four JVs and between four to eight facility acquisitions, including one for which the company was currently negotiating the letter of intent.
Acadia President Brent Turner said the psychiatric market is just beginning to catch up to the trend of for-profits partnering with nonprofits, something other inpatient and outpatient providers have been doing for some time. Acadia runs 75 facilities with more than 5,500 licensed beds in 24 states, the United Kingdom and Puerto Rico.
Shares of Acadia (Ticker: ACHC) fell slightly Wednesday to $49.52. So far this year, they're up about 5 percent.
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