One for-profit company relinquishes ownership, and one not-for-profit takes over. That’s what happened on October 16, when HCA (NYSE: HCA) announced it was selling its ownership in the hospital operations of Oklahoma University Medical Center (688 beds) in Oklahoma City, and OU Medical Center Edmond.
The University Hospitals Authority and Trust (UHAT), a private entity that was formed by the state, HCA and the University of Oklahoma, will pay HCA $750 million when the transaction closes in the first half of 2017. The company also agreed to terminate its lease of The Children’s Hospital at Oklahoma University Medical Center, as well as an associated joint operating agreement.
Concurrent with this announcement, UHAT and the University of Oklahoma (OU Medicial System) announced they were partnering with SSM Health‘s St. Anthony Hospitals and Physicians Group. Starting, you guessed it, some time in the first half of 2017.
The combined resources of OU Medicine, UHAT and SSM Health include more than 23 Oklahoma hospitals and affiliates, including OU Medical Center, The Children’s Hospital and OU Medical Center Edmond. As part of the integrated delivery network, OU Physicians and St. Anthony Physicians Group, with a combined total of more than 1,100 physicians and providers, will work together on coordinating patient care and sharing best practices.
SSM Health and UHAT will share governance and financial responsibility in the network, with SSM Health managing the day-to-day operations.
UHAT and SSM Health are committed to making significant investments in this new integrated network. A capital plan is already under development and includes a new patient tower at OU Medical Center.
The OU Medical System is still being managed by HCA until the first half of 2017, when it ends its relationship with UHAT.
