(METHODIST LE BONHEUR HEALTHCARE NEWS RELEASE) – Methodist LeBonheur Healthcare announced today that it has entered into a definitiveagreement with Tenet Healthcare to purchase Saint Francis Hospital – Bartlettand Saint Francis Hospital – Memphis. The purchase includes the physicianpractices associated with both hospitals and six MedPost urgent care centers.This will give Methodist the ability to serve more members of the community.
“Consistent with our mission, the addition of Saint Francishospitals will increase access to high quality healthcare, expand services andenhance the delivery of care to improve the overall health of the communitieswe serve,” said Michael Ugwueke, President & CEO of Methodist Le BonheurHealthcare.
This transaction will deliver tremendous benefits to patients andthe communities served by Saint Francis and Methodist Le Bonheur, including:
- Expanded clinical expertise across our system of primary, acute, and specialty care, and increased focus on high quality, efficient care for patients with chronic and complex conditions;
- Acceleration of plans to establish the Methodist Cancer Institute to provide comprehensive care and treatment of cancer;
- Increased investment in medical technologies and innovative approaches to healthcare;
- Developing for policies that improve health outcomes for members of our communities;
- Enhanced ability to provide additional charity care, philanthropic support and healthcare educational programs designed to address the specific needs of the communities we serve.
“We look forward to creating a more dynamic team of physicians,nurses and staff dedicated to delivering compassionate high-quality care toanyone who walks through our doors, regardless of their ability to pay,” saidUgwueke.
“We have the highest respect for Methodist Le Bonheur, and we arepleased that our facilities will become part of this regional system,” saidSally Deitch, CEO of Saint Francis Healthcare. “Like Saint Francis and Tenet,Methodist Le Bonheur promotes a culture of compassion backed by strong corevalues and a clear commitment to patient-centered care. We believe thiscombination will provide the communities we serve with an even greater impacton care delivered.”
The transaction is expected to be completed in 2020,subject to regulatory approvals and customary closing conditions. J.P.Morgan served as financial advisor to Methodist Le Bonheur Healthcare inconnection with the transaction.