HMA Finalizes Joint Venture With Bayfront Health System in Florida
Naples, Fla.-based Health Management Associates announced it will acquire an 80 percent interest in Bayfront Health System in St. Petersburg, Fla., and introduce an affiliation with its subsidiary, Shands HealthCare, part of the UF&Shands health system based at the University of Florida Academic Health Center.
Financial details of the 480-bed hospital's partnership have not been disclosed, but Health Management did announce $150 million will be funneled into a new non-profit called Bayfront HERO Foundation, which Bayfront Health System will operate jointly with Johns Hopkins/All Children's Healthcare and others to invest in research and education. Bayfront HERO will hold a 20 percent stake in that partnership.
Bayfront initially signed its letter of intent to form the strategic partnership with Health Management and Shands HealthCare this past October.
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