St. John has operated the Broken Arrow facilities since 2010 but did not officially take possession of the property until earlier this month, according to the report.
St. John Executive Vice President and CFO Lex Anderson said in the report that opening a new hospital is expensive, and if St. John had owned the property earlier, the hospital would have had to sustain operating losses. Delaying the purchase allowed St. John to include the startup costs in the purchase price and pay them off over time rather than upfront, according to the report.
More Articles on Strategic Planning:
Banner Health Invests $45.2M to Expand Primary Care Services
Holy Cross Germantown Hospital Name Choice Reflects Value of Brand
MetroHealth Invests in Community-Based Centers to Transform Care Delivery
