Community Health Systems buys South Carolina hospital
Community Health Systems, Inc., the largest publicly-traded hospital company in the United States, has acquired all of the assets of Marion Regional Healthcare System located in Marion, S.C. The system includes 124-bed Marion Regional Hospital. Marion Regional becomes the sixth Community Health Systems, Inc. affiliated acute care hospital in S.C. It is located approximately 20 miles east of Carolinas Health System, an affiliated 420-bed tertiary hospital in Florence, S.C. The Franklin, Tenn.-based hospital company also acquired Mullins Nursing Center, a 92-bed skilled nursing facility, as well as other ancillary services, in the deal.
HMA acquires controlling interest in three Florida hospitals
Health Management Associates, Inc. has acquired a 60 percent controlling interest in three Shands HealthCare hospitals in Florida: Shands Lake Shore located in Lake City, Shands Live Oak, in Live Oak, and Shands Starke, in Starke. Combined, the three hospitals operate 139 beds and generate approximately $100 million of annual net revenue. Health Management's purchase price for its 60 percent controlling interest was approximately $21.5 million. Through its subsidiaries, HMA operates 58 hospitals, with approximately 8,500 licensed beds, in non-urban communities located throughout the United States.
Tenet raises earnings outlook for 2010
The Tenet Healthcare Corporation has raised its outlook for 2010 adjusted earnings by $50 million to a new range of $1.035 billion to $1.100 billion. The company's prior outlook range was $985 million to $1.050 billion. Tenet's management had lowered the outlook for 2010 controllable operating expense by $50 million reflecting the effect of enhanced labor cost management, reduced clinical information technology expense, and improving malpractice expense. Dallas-based Tenet is one of the largest for-profit healthcare delivery systems in the nation with 49 acute care hospitals in 11 states.
Community hospital firm secures $500M equity financing
Capella Healthcare, a firm operating 13 community hospitals across the United States, has completed a public debt financing transaction worth $500 million. Dan Slipkovich, founder and CEO of Capella, said the newly issued debt positions the Franklin, Tenn.-based company for future growth and allows Capella to lock in attractively priced long-term funding. The transaction consists of $500 million in senior unsecured notes, due in 2017. Capella currently operates 13 hospitals in mid-sized communities in seven states and has experienced more than 250 percent growth in revenue over the past three years.