Foundation HealthCare, Inc. (OTCQB: FDNH), which is an owner and operator of surgical hospitals, announced today that it completed the previously announced acquisition of substantially all of the assets of University General Hospital (UGH) in a transaction which closed December 31, 2015. UGH is a sixty-nine bed hospital located in the Medical City area of Houston, Texas. The Hospital filed for protection under Chapter 11 of the U.S. Bankruptcy Code in February 2015. Foundation purchased UGH for $33.0 million in the Court approved sale. Foundation will hold a conference call Tuesday, January 5, at 4:00 p.m. ET to discuss the acquisition, according to the press release.
“UGH will be immediately rebranded as Foundation Surgical Hospital of Houston,” stated Foundation CEO, Stanton Nelson. “It will be the largest of our three Texas hospitals and is a great addition to the Foundation hospital system. Our executive team has over 20 years of experience working with the physicians in the Houston market. We look forward to working with our many physician friends as we execute our proven growth strategy at this hospital,” added Nelson.
To read the press release in full, click here.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
