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21 Recent Hospital and Health System Transactions

The following hospital and health system transactions occurred in the past month.

1. After re-holding merger meetings following allegations of violating Florida's Sunshine Law, board members of Southeast Volusia Hospital District, which operates Bert Fish Medical Center in New Smyrna Beach, Fla., voted again to merge with Adventist Health’s Florida Hospital in Orlando.

2. A certificate of need was filed with West Virginia Health Care Authority for the proposed merger of Camden-Clark Memorial Hospital and St. Joseph’s Hospital, both in Parkersburg, W. Va. Under the deal, St. Joseph’s would join West Virginia United Health System while simultaneously affiliating with Camden-Clark.

3. With the $895 million sale of non-profit Caritas Christi Health Care to for-profit Cerberus Capital Management finalized, the new system is planning an accountable care organization. Under the arrangement, the six-hospital system, formerly Caritas Christi, will operate as a Cerberus affiliate, Steward Health Care System.

4. Community Hospital in Watervliet, Mich., and St. Joseph, Mich.-based Lakeland HealthCare signed a letter of intent to merge. Under the deal, the 58-bed Community Hospital will become part of Lakeland Healthcare.

5. Michigan Attorney General Mike Cox approved the sale of non-profit, eight-hospital Detroit Medical Center to for-profit Vanguard Health Systems in a deal valued at $1.5 billion.

6. Gundersen Lutheran Health System in La Crosse, Wis., will manage St. Joseph’s Health Services in Hillsboro, Wis.

7. Ocoee, Fla.-based Health Central received proposals from the following four hospital operators for a possible partnership: Hospital Corporation of America, Health Management Associates, Orlando Health and Adventist Health’s Florida Hospital. Health Central is deliberating whether to pursue a sale or a merger.

8. The city of Hoboken, N.J., and the Hoboken Municipal Hospital Authority continue to move towards the privatization of Hoboken University Medical Center by reviewing offers from various companies interested in purchasing the hospital.

9. Hutcheson Medical Center in Fort Oglethorpe, Ga., entered partnership negotiations and a 60-day due diligence period with Chattanooga, Tenn.-based Erlanger Health in October.

10. The board of Long Island College Hospital in Brooklyn, N.Y., approved a merger with SUNY Downstate Medical Center, also in Brooklyn.

11. Newly formed non-profit Michigan Rural Healthcare Preservation will acquire Cheboygan (Mich.) Memorial Hospital by the end of the year, pending regulatory approval.

12. MedCath completed the sale of 58-bed Heart Hospital of Austin (Texas) to St. David’s Healthcare for a purchase price equal to $83.8 million plus retention of working capital.

13. Medcath Corp. completed the sale of its minority ownership in Southwest Arizona Heart and Vascular Center in Phoenix to the joint venture’s physician partners for $7 million.

14. North Shore-Long Island Jewish Health System, based in Manhasset, N.Y., and Nassau University Medical Center in East Meadows, N.Y., are discussing an affiliation.

15. The Federal Trade Commission approved a merger between Pen Bay Healthcare in Rockport, Maine, and MaineHealth in Portland. Under the merger, Pen Bay is expected to become a full member of MaineHealth.  

16. Ripley County Memorial Hospital in Doniphan, Mo., merged with Cape Girardeu, Mo.-based Southeast Health. The hospital will be renamed Southeast Health of Ripley County.

17. Harrisonburg, Va.-based Rockingham Memorial Hospital, part of RMH Healthcare, is on pace to merge with Norfolk, Va.-based Sentara Healthcare by the beginning of 2011.

18. Shamokin Area Hospital in Coal Township, Pa., and Danville, Pa.-based Geisinger Health System are discussing a merger.

19. Shawano (Wis.) Medical Center approved plans to merge with Appleton, Wis.-based Thedacare after six months of negotiations.

20. St. Luke’s Episcopal Health System in Houston acquired 51 percent of Patients Medical Center, a 61-bed, physician-owned hospital in South Pasadena, Texas.

21. Officials from the University of Louisville, Ky., signed a letter of intent to continue with a 3-way merger between the school’s healthcare system, Jewish Hospital & St Mary’s Healthcare/Jewish Hospital Healthcare Services in Louisville, Ky.; and Catholic Health Initiatives and its Berea, Ky.-based operation, St. Joseph Health System.

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