Tenet Healthcare (NYSE: THC) divested five hospitals in 2017, collecting at least $895 million on two of the deals. The goal is to pay down its $14.9 billion in debt (as of the most recent quarter). What hasn’t been made as public are the hospitals it is shuttering in various markets.
Abrazo Maryvale Hospital, a 228-bed acute care facility in the western part of Phoenix, Arizona, was one of those Tenet closed in December 2017, citing a decline in patient demand.
The hospital was run through the Abrazo Community Health Network, and handled about 43,000 emergency room visits annually. The Abrazo network had reduced services at the Maryvale campus in recent years, closing its birthing center in 2015. Abrazo has five other hospitals in metro Phoenix.
The new owner is Maricopa Integrated Health System, also located in Phoenix. The not-for-profit operates the Maricopa Medical Center, and is governed by the Maricopa County Special Health Care District board. The board voted unanimously on Feb. 28, 2018 to acquire the Maryvale campus.
Maricopa Integrated Health agreed to pay $59 million for Maryvale Hospital.
There are four other acute-care hospitals within a six-mile radius of Maryvale, and 11 urgent care centers within five miles. Maricopa Integrated Health plans to reopen the facility as a behavioral health hospital with up to 203 beds, and reopen the emergency department. Both are expected to open in early 2019.
