<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2015-03-09</periodOfReport>

    <dateOfOriginalSubmission>2015-03-11</dateOfOriginalSubmission>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001320414</issuerCik>
        <issuerName>SELECT MEDICAL HOLDINGS CORP</issuerName>
        <issuerTradingSymbol>SEM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001557543</rptOwnerCik>
            <rptOwnerName>NORTH TIDE CAPITAL, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>500 BOYLSTON STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1860</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02116</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2015-03-09</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>58630</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>13.375</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>13891370</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2015-03-09</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>277670</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>13.375</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>13613700</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">This amendment to the Form 4 previously filed on March 11, 2015 is being filed to correct the date of the earliest transaction required to be reported from &quot;March 11, 2015&quot; to &quot;March 9, 2015&quot; and to correct the number of securities disposed of on such date at a price of $13.375 per share.</footnote>
        <footnote id="F2">Shares reported herein represent: as of the close of business on March 9, 2015, (i) 12,344,790 shares held by North Tide Capital Master, LP (the Master Fund&quot;) and (ii) 1,238,310 shares held by held by a managed account (the &quot;Account&quot;); and as of the close of business on March 10, 2015, (i) 12,225,000 shares held by the Master Fund and (ii) 1,225,000 shares held by the Account. North Tide Capital, LLC (&quot;North Tide&quot;) serves as investment manager for the Master Fund and the Account.  Mr. Laughlin serves as manager of North Tide.  Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.</footnote>
        <footnote id="F3">Transaction effected by the Master Fund.</footnote>
        <footnote id="F4">Transaction effected by the Account.</footnote>
    </footnotes>

    <remarks>NOTE:  This amendment to the Form 4 previously filed on March 11, 2015 is being filed to correct the date of the earliest transaction required to be reported from &quot;March 11, 2015&quot; to &quot;March 9, 2015&quot; and to correct the number of securities disposed of on such date at a price of $13.375 per share.</remarks>

    <ownerSignature>
        <signatureName>/s/ NORTH TIDE CAPITAL, LLC, by Conan Laughlin, Manager</signatureName>
        <signatureDate>2015-03-12</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ NORTH TIDE CAPITAL MASTER, LP, by North Tide Capital GP, LLC, Conan Laughlin, Manager</signatureName>
        <signatureDate>2015-03-12</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ CONAN LAUGHLIN</signatureName>
        <signatureDate>2015-03-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
