Standalone behavioral health services provider Acadia Healthcare announced its latest joint venture on Thursday, partnering with Fairview Health Services to create a new inpatient mental health and addiction facility in Minnesota.
The deal is the sixteenth joint venture that Acadia has undertaken across the country and the second in the past week.
“This joint venture expands our acute service line into Minnesota, providing care for patients across the region who struggle with acute symptoms of mental health and substance use disorders,” said Acadia CEO Debbie Osteen in a statement.
Fairview and Acadia will operate 144 inpatient mental health beds in the Twin Cities' eastern metropolitan area.
RELATED: Cigna study: How much behavioral health treatment can lower the cost of care
Osteen noted that the partnership will represent a more than $50 million investment in the region's mental healthcare system.
Franklin, Tenn.,-based Acadia already operates 230 facilities as of Sept. 30 and has sought to expand its reach across several states.
It reached a deal with SCL Health for a joint venture to create a 144-bed hospital in the Denver area. Acadia said on Tuesday that the facility is expected to open in the middle of 2023.
“This new hospital will continue our legacy of compassionate, high-quality behavioral health services,” said Lydia Jumonville, the CEO and president of SCL Health.