Rehabcare 8K J.P. Morgan Healthcare Conference | RHB 10 Jan 11

Investor Presentation

J.P. Morgan Healthcare Conference

January 11, 2011

Exhibit 99

Investment Highlights

n Leading provider of post-acute care

n Largest contract manager of rehabilitation services

n Fourth largest post-acute hospital operator, third largest long-term acute care hospital provider

n Large, growing and highly fragmented market provides multiple organic and acquisitive
growth opportunities

n Positioned to leverage continuum capabilities and real-time technology under
healthcare reform

n Strong financial model

n Diversified business lines

n Track record of strong earnings

and operating cash flow

n Experienced management team with successful track record of adapting to change

13%

Patient Discharge Destination1

No post-
acute care

Hospice/Home Health

65%

Acute care
hospital

Post-Acute Market Overview

1“Examining Post-Acute Care Relationships in an Integrated Hospital System,” Dept. of
Health and Human Services, Feb. 2009

2MedPAC Data Book, June 2010; does not include Home Health or Medicare Advantage

3Avalere Health LLC, Apr. 2009; does not include Home Health or Medicare Advantage

Medicare Post-Acute Spending (in billions)

n Positive demographic trends, with first wave of Baby Boomers entering Medicare
this year; ≈ 72% of RehabCare patients are Medicare

n Medicare expenditures for post-acute services (excluding home health) projected
to increase 96% from 2009 to 2021

Projected3

Actual2

LTACHs = Long-Term Acute Care Hospitals

IRFs = Inpatient Rehabilitation Facilities

SNFs = Skilled Nursing Facilities

LTACH / SNF

IRF

22%

Division Overviews

Skilled Nursing

Rehabilitation Services

n $514 mm - 39% of pro forma
revenue

n 1,131 SNF/long-term care
programs in 38 states

n 8.2 mm annual patient visits

n Polaris Group - consulting for
long-term care facilities

n VTA Management Services -
therapy and nurse staffing for
New York

$1.3 billion pro forma1 operating revenues for LTM 9/30/10

Hospital

Rehabilitation Services

n $179 mm - 14% of pro forma
revenue

n 147 hospital-based programs
in 34 states

n 42,000 IRF discharges/year

n 1.1 mm annual outpatient
visits

n $629 mm - 47% of pro forma
revenue

n 29 LTACHs, 6 IRFs; 13 states

n 23 FS LTACHs, 6 HIHs; 4 FS
IRFs, 2 HIHs

n 1,605 licensed LTACH beds;
243 IRF beds

n 431,000 annual patient days

FS = Freestanding

HIH = Hospital in Hospital

Hospital Division

1Reflects acquisition of Triumph HealthCare on Nov. 24, 2009

Hospital Division
Overview

Competitive Landscape

n Owns and operates 35 LTACHs and IRFs

n LTACHs represent the earliest discharge option from the short-term acute care setting
for medically complex patients; IRFs provide intensive rehabilitation with a ≈ 75%
return to community rate

n RehabCare pursues joint venture hospital partnerships (nine currently, representing
15 locations) with market-leading acute care providers and physician groups, in
addition to our wholly owned facilities

Market Size1: 221 IRFs

(FS and HIHs)

Market Size1: 386 LTACHs

IRFs

LTACHs

117

100

892

1MedPAC, Mar. 2010 Report to the Congress

2Includes acquisition of five LTACHs from Vista Healthcare completed on Nov. 1, 2010 and
new hospital opened in Dec.

Source: Information available from public filings or
company websites

Adjusted Revenue¹ ($mm)

Hospital Division
Performance

1See Appendix for Reconciliation to GAAP

² Excludes a $1.7 mm unfavorable cost report adjustment in Q2’10

Note: Triumph acquired on Nov. 24, 2009

n In 3Q ’10, completed integration of Triumph; 2011 annualized run rate of synergies expected
to be upper end of $5 to $7 mm

n Volumes grew with the addition of new clinical programs and costs/patient day declined

n Legacy RehabCare hospitals improved same store operating performance by $2.4 mm²
sequentially; now expected to achieve positive operating earnings for full year 2010

n Sequential decline in Triumph EBITDA due to operational issues at four hospitals, which
should improve by year end, in addition to slower progress with start-ups in Philadelphia and
Houston Heights

n Focused on census development and expense control to drive margin expansion

Adjusted EBITDA¹ ($mm)

n Continue to improve margins across division

n Expand post-acute services in key markets

n Exchanging 60-bed IRF (Miami, FL) for Select 70-bed LTACH (Northwest IN) - closed Jan. 1,
2011

n Entering 40-bed IRF joint venture with Saint Joseph Regional Medical Center (South Bend, IN) -
closing Q1 ’11

n Building 46-bed IRF (Northeast Houston, TX) - opening beginning of 2012

n Evaluating several projects that develop our IRF services in continuum markets

n Complete two planned expansion projects

n The Specialty Hospital (Rome, GA) - opening Jan. ’11

n Central Texas Rehabilitation Hospital (Austin, TX) - opening Q1 ’12

n Invest in quality upgrades and new clinical programs and services

Hospital Division
Growth strategy

n Combined revenue of $163 - $168 mm

n EBITDA margin of ≈ 14% driven by sequential improvement in Triumph hospitals

n Beginning in 2011, reported results and outlook will be for the consolidated division
rather than legacy groups and on a year-over-year basis

Hospital Division
Financial and regulatory outlook

Financial (Q4 ’10)

Regulatory

n Rate Year (RY) 2011 rule for LTACHs, effective Oct. 1, 2010, results in a negative 1%
adjustment for our LTACHs

n IRF rule increases payments by a net 2.4% for our owned IRFs

n Healthcare reform legislation extended LTACH provisions contained in the Medicare,
Medicaid and SCHIP Extension Act (MMSEA) through the end of 2012 (see Appendix for
summary of healthcare reform impact)

Skilled Nursing Rehabilitation Services
Division overview

n Manages 1,131 rehab programs for SNFs

n Each Medicare-certified SNF is required to provide physical, speech and occupational therapy,
but many lack the know-how and/or scale to effectively manage a program

n RehabCare provides a compelling value proposition to our SNF partners

n Access to advanced technology platform

n Broader array of clinical programming

n Better access to scarce therapist labor pool

n Reimbursement expertise and denials management

Source: Information available from public filings or from company websites

¹Source: MedPAC Report to Congress, Mar. 2010

Competitive Landscape — # of facilities served

Self-

operated

11,000+

1,131

1,000

900

567

471

450

300

179

Market Size1: 15,000+
Medicare-certified SNFs

Skilled Nursing Rehabilitation Services
Performance

Note: Includes Symphony HealthCare acquisition as of July 1, 2006

1Same store analysis does not include Symphony

% Margin: 1.7% 5.6% 7.6% 7.9% 8.2%

Operating Earnings ($ mm)

n In Q3 ’10, achieved 7.9% operating earnings margin while preparing for Oct. 1
regulatory changes and implementing new information system technologies

n Reduced concurrent therapy utilization to less than 1% at end of Oct.

n Sales were strong, but closures were ahead of projections

n Same store revenue has begun to moderate as smaller, less profitable units have been
culled from the portfolio and benefit of IRF 60% Rule to patient mix has been realized

YOY growth: 24.4% 5.6% 8.5% 9.2% 4.8%

Same store: 7.1%1 12.4% 8.8% 10.3% 1.7%

Revenue ($ mm)

4.8%

Skilled Nursing Rehabilitation Services
Advanced technology platform

n Completing rollout of iTouch technology and
upgraded therapy management platform to all
programs by the beginning of Q2 ’11

n Increases speed and accuracy of data input to
maximize therapist productivity, reduce billing errors
and subsequent denials

n Tracks real-time patient outcome data, including
discharge location and hospital readmissions

n Resource Utilization Group (RUG) planner ensures
appropriate RUG category placement and payment

n Benchmarking reports provide national comparative
data on key metrics

n Collaboration with Apple enables data sharing across
the post-acute continuum, providing the basis for
more evidence-based care

http://www.apple.com/ipad/business/profiles/rehabcare/

Skilled Nursing Rehabilitation Services
Financial and regulatory outlook

n 5.5% - 6.0% operating earnings margin, which reflects the estimated impact of:

n Regulatory changes

n Concurrent therapy

n Minimum Data Set 3.0 / RUGs IV

n Rollout of new technologies

n Relatively flat unit growth

Financial (Q4 ’10)

Regulatory

n SNF payment update provides a net 1.7% increase in RY2011

n Beginning in 2011, Multiple Procedure Payment Reduction rule will cut reimbursement
for Part B therapy services by ≈ $5 to $6 mm annually

n Net impact after mitigation expected to be ≈ $2 to $3 mm annually

n Part B therapy cap exceptions process and current Medicare payment rates for
physicians extended through Dec. 31, 2011

IRF Competitive Landscape

Have IRF

No IRF

n Manages 147 hospital-based IRFs, subacute and outpatient therapy programs on a
contract basis, providing our partners with:

n Improved internal patient flow

n Ability to attract ≈ 30% admissions from external sources

n Successful clinical outcomes and broader clinical programming (brain, stroke, spinal dysfunction)

n Regulatory compliance (60% rule, Recovery Audit Contractor review, 3-hour rule)

n Recruiting and labor management

3,859¹ short-term acute
care hospitals

190 outsourced

Hospital Rehabilitation Services
Division overview

Market Size²: 981 hospital
- -based IRFs

Source: Information available from public filings, company
websites and RehabCare estimates

1American Hospital Directory

²MedPAC Mar. 2010 Report to Congress

Hospital Rehabilitation Services
Performance

n In Q3 ’10, inpatient and outpatient same store revenues improved 3.3% and 8%,
respectively, year over year

n Better leveraging of SG&A resulted in an 18.7% operating earnings margin in Q3 ’10

n Ended quarter with six signed but unopened contracts, including three IRFs

¹Includes $1.2 mm pretax charge from a bad debt write-down related to an
outpatient transaction

YOY growth: (8.7%) 0.9% 7.6% 9.2% 0.3%

IRFs: 107 113 106 110 106

Operating Earnings ($ mm)

% Margin: 14.0% 13.3% 16.6% 16.6% 17.5%

Revenue ($ mm)

0.3%

5.4%

Hospital Rehabilitation Services
Growth strategy and outlook

n ≈ 18% operating earnings margin

n Greater than 6% growth in IRF same store discharges compared to Q4’09

n Net one less IRF program

n Increase market share through:

n Targeted market focus - e.g., small systems

n Product development - e.g., centers of excellence

n Second product sales

n Invest in enabling technology

n Electronic pre-screen to increase speed of admissions,
drive volumes

n Point-of-service technology to improve productivity

n Integration with eRehabData for national benchmarking
capabilities

n Opportunity to upsell therapy management services

Growth Strategy

Outlook (Q4 ’10)

Revenue ($ mm)

Net Earnings ($ mm)

EPS: $0.73 3 $1.05 4 $ 1.22 5 $1.24 5 $1.84

Consolidated Financial Summary

1RehabCare 2009 historical includes $39.7 mm in revenue generated by Triumph

2See Appendix for Reconciliation to GAAP

3Includes $0.17 per diluted share impairment charge on an intangible asset

4Includes $0.09 per diluted share in charges related to a bad debt write-down of an
outpatient transaction and cancellation of a planned acquisition and development
project

5Includes transaction and severance related charges of $0.07 in Q3 ’09 and $0.41 per
diluted share in 2009

Adjusted EBITDA² ($mm)

Consolidated Balance Sheet

n Cash flow from operations was $68.7 mm for nine months ended Sept. 30, 2010
compared with $46.6 mm in the prior year period

n Days sales outstanding was 61.9 days at Sept. 30 compared to 62.1 days at June 30

n Expect DSO of approximately 60 to 63 days

n Capital expenditures anticipated to be $9 mm in Q4 ’10, consisting of information
system investments, expansion projects and maintenance

n Paying down debt is a priority before next significant acquisition

Cash and Cash Equivalents

Total Assets

Total Debt

Stockholders’ Equity

Noncontrolling Interests

Percent of Debt to Total Capital¹

($mm)

$ 22.5

1,122.5

413.2

484.5

20.9

45%

9/30/10

1Total capital represents the sum of debt, stockholders’ equity and noncontrolling interests

Total Debt ($mm)

Forward-looking statements have been provided pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such statements
are based on the Company’s current expectations and could be affected by
numerous factors, risks and uncertainties discussed in the Company’s filings with
the Securities and Exchange Commission, including its most recent report on
Form 10-K, subsequent reports on Form 10-Q and current reports on Form 8-K.
Do not rely on forward looking statements as the Company cannot predict or
control many factors that affect its ability to achieve the results estimated. The
Company makes no promise to update any forward looking statements whether as
a result of changes in underlying factors, new information, future events or otherwise.

Appendix

	Apr. 1, 2010	RY 2011	RY 2012-13	RY 2014	RY 2015-16	RY 2017-19
IRF	0.25	0.25	0.10	0.30	0.20	0.75
LTACH	0.25	0.50	0.10	0.30	0.20	0.75

Impact of Healthcare Reform

n Extends LTACH provisions of MMSEA through Dec 2012

n Maintains existing status related to 25% Rule and short-stay outliers

n Delays one-time budget neutrality adjustment (estimated at 3.75%)

n Continues moratorium on new LTACH beds while facility criteria is established

n Establishes reductions in market basket updates for IRFs and LTACHs

n Productivity (negative) adjustments for SNFs, IRFs and LTACHs beginning in 2012

n Prohibits physician ownership of hospitals and creates new transparency, reporting
and expansion requirements for “grandfathered” hospitals

n Beginning in 2012, allows providers organized as Accountable Care Organizations
that voluntarily meet quality thresholds to share in cost savings achieved in
Medicare program

Impact of Healthcare Reform

n Establishes a national pilot program by 2013 to study effectiveness of bundled
payment system for hospital+physician+post-acute services delivered three days
prior to hospitalization through 30 days post-discharge

n Continuing Care Hospital (CCH) is one of the suggested models to study under
required Innovation Center

n CCH is a post-acute, capitative hospital model that would serve complex rehabilitation
and medical patients by providing patient-specific levels of care for a 30-day period

n In 2015, establishes Medicare Independent Payment Advisory Board (IPAB); IRFs
and LTACHs exempt from any binding proposals of IPAB

Primary Post-Acute Settings
Overview

	Long-Term Acute Care Hospitals	Skilled Nursing Facilities	Inpatient Rehab Facilities
Medicare Spending 2009	$4.9 billion	$25.5 billion (est. $6 billion rehab)	$5.7 billion
Patients Served 2008	130,869 Medicare discharges	2.6 million Medicare admissions	370,048 Medicare discharges
Type of Patient	High acuity	Low to moderate acuity, may require some rehab	High acuity, requires extensive rehab (min 3 hrs/day)
Avg. Length of Stay	At least 25 days (Medicare patients)	27 days	13.2 days
Medicare Reimbursement	LTACH PPS - Receive a single payment when Medicare beneficiary is discharged for all services rendered	SNF PPS - Receive a per diem payment under both Medicare Part A and state Medicaid programs	IRF PPS- Receive a single payment when Medicare beneficiary is discharged for all services rendered
Medicare Requirements	• Average length of stay of all Medicare patients must be >25 days • 25% rule: no more than 25% of patients may be referred from a single source (HIHs fixed at 50% through 2012, no cap on FS or co-located) • Moratorium on new LTACH beds until 2013	Medicare covers up to 100 days of SNF care following an acute hospital stay of at least 3 days	60% Rule: 60% of patients must satisfy one of 13 defined conditions

Source: MedPAC

FS = Freestanding

HIH = Hospital in Hospital

Q3 ’10 and Q2 ’10 Adjusted EBITDA
Reconciliations

Q2 ’10 Adjusted EBITDA Reconciliation

Q3 ’10 Adjusted EBITDA Reconciliation

Q1 ’10 and Q4 ’09 Adjusted EBITDA
Reconciliation

Q1 ’10 Adjusted EBITDA Reconciliation

Q4 ’09 Adjusted EBITDA Reconciliation

Q3 ’09 Adjusted EBITDA Reconciliation

Rehabcare (RHB) Inactive 8-KJ.P. Morgan Healthcare Conference