Tenet Healthcare Sells Urgent Care Business
Tenet Healthcare Corporation (NYSE: THC) is having a busy holiday season. Early in December, the Texas-based health system purchased a portfolio of 45 ambulatory surgery centers (ASCs) from SurgCenter Development for $1.1 billion. Now, Tenet Healthcare is unloading a bulk of its urgent care platform in a deal valued at $80 million in order to focus on its ASC business. FastMed Urgent Care, backed by ABRY Partners and BlueMountain Capital Management, is buying Tenet’s platform, which is operated under the CareSpot and MedPost brands and managed by Tenet’s United Surgical Partners International subsidiary. The platform has 87 centers in Arizona and Texas. Tenet... Read More »
Tenet Healthcare Acquires 45 ASCs For More Than $1 Billion
Tenet Healthcare Corporation (NYSE: THC) has significantly expanded its ambulatory surgery platform with a new acquisition. The Texas-based health system has purchased a portfolio of 45 ambulatory surgery centers (ASCs) located in Arizona, Florida, Indiana, Louisiana, Maryland, New Hampshire, Ohio, Texas and Wisconsin from SurgCenter Development (SCD), which partners with local surgeons to create physician-owned and physician-operated ASCs. Tenet Healthcare will buy the majority interests by fully acquiring SCD’s interests, and partially acquiring interests from physician partners, for $1.1 billion in cash and the assumption of approximately $18 million of center-level debt. The ASCs will... Read More »
Tenet Sells Two Hospitals for $350 Million
In its first sale of 2019, Tenet Healthcare Corporation (NYSE: THC) is divesting two of its Memphis-area hospitals to Methodist Le Bonheur Healthcare, which operates six acute-care and one children’s hospital in and around Memphis. The not-for-profit health system will pay $350 million in cash for Saint Francis Hospital-Memphis (353 beds) and Saint Francis Hospital-Bartlett (156 beds), the physician practices associated with both hospitals, and six MedPost urgent care centers. The transaction is expected to be completed in 2020. The agreement provides that Tenet’s Conifer Health Solutions subsidiary will continue to provide revenue cycle management services to the hospitals.... Read More »
U.S. Hospital M&A Trends, 1H 2019
It’s been a slow year for hospital mergers and acquisitions in the United States. In the first half of 2019, just 29 transactions have reached the definitive agreement stage, or actually closed. In the first half of 2018, 38 transactions made that cut. The targets are much smaller in 2019, too. A total of 4,991 beds changed hands in the first six months of this year, compared with 9,327 beds in the same period in 2018. Fourteen not-for-profit hospitals or systems (2,380 beds combined) were targets in 1H:19, and three of them were critical access hospitals which are regulated to just 25 beds. That’s not a stand-out trend, considering six critical access hospitals found new... Read More »Schedule a demo
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