Select Medical is one of the largest post-acute healthcare providers in the U.S., operating three core businesses: critical illness recovery hospitals (LTCHs), inpatient rehabilitation hospitals (IRFs), and outpatient rehabilitation clinics. LTCHs treat complex, multi-system patients transferred from ICUs, with an average stay of 31 days. About 70 of Select Medical's 104 LTCHs operate as a "hospital within a hospital," embedded within or adjacent to a host acute care hospital to facilitate referrals and reduce overhead. The IRF segment operates 38 hospitals, primarily through joint ventures with large health systems like Cleveland Clinic, UPMC, and Baylor Scott & White, providing intensive rehabilitation for patients recovering from strokes, brain injuries, and orthopedic conditions over an average 14-day stay. Select Medical's outpatient segment is the largest U.S. outpatient rehab network by clinic count, with over 1,900 locations providing physical, occupational, and speech therapy. Revenue is earned on a per-patient-day or per-visit basis, reimbursed by Medicare and commercial insurers. Labor is the dominant cost at roughly 55-58% of LTCH revenue. The IRF segment is Select Medical's primary growth vehicle, with the company expanding aggressively through new JV hospital openings, targeting over 30% growth in IRF bed capacity by mid-2027. The LTCH segment faces reimbursement headwinds from a rising high-cost outlier threshold under Medicare. Select Medical completed the spin-off of its occupational health business, Concentra, in late 2024, simplifying operations to three post-acute segments.