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Universal Health (UHS), Beaumont Health to Offer Behavioral Care
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Universal Health Services (UHS - Free Report) along with Beaumont Health recently named their joint venture, Beaumont Behavioral Health, which is a new behavioral health hospital. Currently under construction on Oakwood Boulevard, near the Southfield Freeway, the unit is expected to open doors for patients in the fall.
Given the current COVID-19 pandemic situation, the requirement for behavioural healthcare is surging. We believe, the market for behavioral health services is driven by COVID-induced mental sickness. With heightened rates of isolation and loneliness besides financial, housing and food insecurities, the coronavirus outbreak took a huge toll on the mental health of the Americans. Rampant unemployment is also a major factor for substance abuse and other disorders.
Nearly one in every five Americans is suffering mental health issues. In this regard, it should be noted that suicide rates in Michigan surged 32.9% between 1999 and 2016.
The new $144-bed Beaumont Behavioral Health is predicted to deliver high-quality, accessible mental health services in Southeast Michigan and across the state. The unit is expected to heal patients in the best possible environment.
Both companies have a shared commitment to cater to communities with mental health requirements. The campus, needless to say, is expected to be a hub from where authorities will manage inpatient and day program mental health care, training programs, etc.
This new hospital will double Beaumont Health’s existing capacity for inpatient mental health care. It will also offer specialized academic training programs and other clinical training routines. Further, the facility will gain traction from the alignment of multidisciplinary teams, etc.
The company has plans to establish a seamless telemedicine plan in Beaumont going forward, which will support its nine emergency rooms and other patient care settings. All inpatient mental health services across Beaumont Health will be incorporated into this location.
The behavioral health segment holds immense scope for growth in the days ahead considering the dire need for addressing mental health issues triggered by the pandemic.
Since 2012, average licensed beds in the behavioral health centers have been growing, contributing to their top lines. During 2020 and the first quarter of 2021, the same inched up 0.6% and 0.9% year over year, respectively. Though the segment’s patient days were adversely impacted by suspended elective and scheduled procedures amid the prevalent pandemic, the company left no stone unturned to boost its behavioral health portfolio through joint ventures.
For instance, in April, the company's affiliate Havenwyck Hospital received an initial approval for a state Certificate of Need (CON) Proposed Decision on Mar 29, 2021, which is required to build a new inpatient behavioral health hospital. The company forged an alliance with the regional, multi-campus, Catholic health care system Mercy Health for this joint venture. This new psychiatric hospital will have a room for 60 adult inpatient beds and 24 additional inpatient beds for geriatric psychiatric patients along with space for future expansion.
Another company in the same space, Acadia Healthcare Company, Inc. (ACHC - Free Report) , is also taking initiatives to meet the needs of mental healthcare.
Other hospital companies, such as Community Health Systems, Inc. (CYH - Free Report) and HCA Healthcare, Inc. (HCA - Free Report) have skyrocketed 411.3% and 111%, respectively, in the same period.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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Universal Health (UHS), Beaumont Health to Offer Behavioral Care
Universal Health Services (UHS - Free Report) along with Beaumont Health recently named their joint venture, Beaumont Behavioral Health, which is a new behavioral health hospital. Currently under construction on Oakwood Boulevard, near the Southfield Freeway, the unit is expected to open doors for patients in the fall.
Given the current COVID-19 pandemic situation, the requirement for behavioural healthcare is surging. We believe, the market for behavioral health services is driven by COVID-induced mental sickness. With heightened rates of isolation and loneliness besides financial, housing and food insecurities, the coronavirus outbreak took a huge toll on the mental health of the Americans. Rampant unemployment is also a major factor for substance abuse and other disorders.
Nearly one in every five Americans is suffering mental health issues. In this regard, it should be noted that suicide rates in Michigan surged 32.9% between 1999 and 2016.
The new $144-bed Beaumont Behavioral Health is predicted to deliver high-quality, accessible mental health services in Southeast Michigan and across the state. The unit is expected to heal patients in the best possible environment.
Both companies have a shared commitment to cater to communities with mental health requirements. The campus, needless to say, is expected to be a hub from where authorities will manage inpatient and day program mental health care, training programs, etc.
This new hospital will double Beaumont Health’s existing capacity for inpatient mental health care. It will also offer specialized academic training programs and other clinical training routines. Further, the facility will gain traction from the alignment of multidisciplinary teams, etc.
The company has plans to establish a seamless telemedicine plan in Beaumont going forward, which will support its nine emergency rooms and other patient care settings. All inpatient mental health services across Beaumont Health will be incorporated into this location.
The behavioral health segment holds immense scope for growth in the days ahead considering the dire need for addressing mental health issues triggered by the pandemic.
Since 2012, average licensed beds in the behavioral health centers have been growing, contributing to their top lines. During 2020 and the first quarter of 2021, the same inched up 0.6% and 0.9% year over year, respectively. Though the segment’s patient days were adversely impacted by suspended elective and scheduled procedures amid the prevalent pandemic, the company left no stone unturned to boost its behavioral health portfolio through joint ventures.
For instance, in April, the company's affiliate Havenwyck Hospital received an initial approval for a state Certificate of Need (CON) Proposed Decision on Mar 29, 2021, which is required to build a new inpatient behavioral health hospital. The company forged an alliance with the regional, multi-campus, Catholic health care system Mercy Health for this joint venture. This new psychiatric hospital will have a room for 60 adult inpatient beds and 24 additional inpatient beds for geriatric psychiatric patients along with space for future expansion.
Another company in the same space, Acadia Healthcare Company, Inc. (ACHC - Free Report) , is also taking initiatives to meet the needs of mental healthcare.
Zacks Rank and Price Performance
Shares of this presently Zacks Rank #3 (Hold) company have gained 56.5% in the past year, underperforming its industry’s growth of 106.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other hospital companies, such as Community Health Systems, Inc. (CYH - Free Report) and HCA Healthcare, Inc. (HCA - Free Report) have skyrocketed 411.3% and 111%, respectively, in the same period.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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