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Nashville, Tennessee (April 1, 1996) - Renal Care Group, Inc. (NASDAQ/NM: RCGI) today announced that it has entered into an agreement to operate and manage the outpatient dialysis activities of the Cleveland Clinic Foundation located in Cleveland, Ohio. The Company also announced an agreement with the Nephrology Division of the University of Louisville to build and manage a dialysis facility in the city of Louisville. Terms of the agreements were not disclosed. Raymond Hakim, M.D., Renal Care Group's Chief Medical Officer, said, "The nephrologists of the Cleveland Clinic and University of Louisville share Renal Care Group's dedication to improve the quality of life and to optimally care for those patients with diseases of the kidney, including end stage renal disease. We believe that the commitment to quality demonstrated by Renal Care Group and these academically affiliated medical groups through the use of state-of-the-art technology, continual quality improvement and patient/family education will result in improved outcomes for all our patients." The Cleveland Clinic Foundation began operations in 1921. It has a distinguished staff of 11 nephrologists who serve approximately 370 patients. The Clinic has operations in two locations which encompass 45 hemodialysis treatment stations and a peritoneal dialysis facility. Dr. Vincent W. Dennis, Chairman of Nephrology at the Cleveland Clinic, described Renal Care Group as "the current standard setter for quality and innovation in dialysis treatment." The Nephrology Division of the University of Louisville comprises 12 board-certified nephrologists. The Nephrology Division will execute a joint venture agreement with Renal Care Group, which will build and manage a full service dialysis facility with approximately 12 treatment stations. Construction will begin in June 1996 and completion is projected for September 1996. When fully operational, the new dialysis facility is expected to treat 72 patients. "We are enthusiastic about working with such a high quality company," reported Dr. George Aronoff, Chief of the Nephrology Division of the Department of Medicine at the University. Renal Care Group, Inc. is a specialized provider of nephrology services that was founded in June 1995 to focus on the provision of care to patients with kidney disease, including patients suffering from chronic kidney failure. The Company provides dialysis and ancillary services to approximately 2,700 patients through 41 outpatient dialysis centers in eight states. Renal Care Group also provides acute dialysis services through contractual relationships with 21 hospitals. |
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