Salt Lake City-based Intermountain Health is now majority owner of Idaho Falls Community Hospital and Mountain View Hospital, both in Idaho Falls, Idaho, after acquiring Surgery Partners’ ownership stake in the facilities.
“This investment reflects our long-term commitment to supporting access to high-quality, affordable care in the region while preserving local leadership and operations,” Intermountain Health said in a Sept. 17 statement.
The facilities will keep their current brands and remain locally managed by existing leadership teams and physicians, according to the health system. Physician ownership of Mountain View Hospital will remain unchanged under the new structure.
Brentwood, Tenn.-based Surgery Partners received $797 million in gross proceeds and $587 million in net cash proceeds from the deal, according to a Sept. 17 Surgery Partners news release. Separately, Birmingham, Ala.-based Medical Properties Trust, the real estate owner of the two hospitals, completed a related $413 million sale of the underlying real estate to Intermountain affiliates, netting MPT $371 million in cash, according to a Sept. 16 news release from the company.
Surgery Partners entered an agreement July 24 to sell the two hospitals to Intermountain, who was an existing partner in the facilities. Combined, the hospitals employ more than 150 physicians and offer 126 beds across nine surgical specialties, plus oncology, emergency department, ICU and neonatology services.
“With the completion of this important transaction, Surgery Partners enters a new chapter better positioned for long-term growth as a pure-play short-stay surgical provider,” Surgery Partners CEO Eric Evans said.
