Dallas-based Baylor Scott & White Health has acquired the operations of 106-bed Lakeway (Texas) Regional Medical Center, which has faced financial challenges since it was founded in 2012, according to the Austin Business Journal.
Under the deal, the facility will be renamed Baylor Scott & White Medical Center – Lakeway, and the selling entity, LRMC Operating Company, will retain ownership of facility's real estate.
From revenue shortfalls to dwindling patient volume, Lakeway Regional has faced a number of challenges since it opened in April 2012. However, a surge in patient volume over the past 14 months due to increased real estate activity in the surrounding area has helped the hospital regain its financial footing, according to the report.
Baylor Scott & White President and CEO Joel Allison said the purchase of Lakeway Regional's operations will advance the system's goal of improving access to quality care in the communities it serves.
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