American HomePatient Signs Joint Venture Agreement With Centura Health; Denver-Based Not-for-Profit Hospital System is Colorado's Largest.BRENTWOOD, Tenn.--(BUSINESS WIRE)--Sept. 11, 1997--American HomePatient Inc. (Nasdaq: AHOM), one of the nation's largest home health care companies, today announced the signing of a major joint venture agreement with Centura Health, Colorado's largest hospital system, to serve its Denver-metro market. The not-for-profit Not-for-profit An organization established for charitable, humanitarian, or educational purposes that is exempt from some taxes and in which no one in profits or losses. Centura Health System, which has five hospitals in its Denver service area with more than 1,100 combined licensed beds, was formed in 1995 by Sisters of Charity Health Services health services Managed care The benefits covered under a health contract Colorado and PorterCare Adventist Health System The Adventist Health System is the organisation responsible for overseeing matters related to Hospitals and other medical facilities, related to the Seventh-day Adventist Church within the United States. . The 50/50 percent equity alliance announced today will operate under the name Centura/American HomePatient. The hospitals included in the agreement are Porter Adventist Hospital, Avista Adventist Hospital, Littleton Adventist Hospital, St. Anthony Central Hospital, and St. Anthony North Hospital, Westminster. Other Centura Health affiliates in the Denver market include physician practices and several seniors' centers. Edward K. Wissing, president and chief executive officer of American HomePatient, is excited by the possibilities the new joint venture brings American HomePatient. "This not only represents our entrance into a major new market with the start-up Start-up The earliest stage of a new business venture. of a Denver center to serve Centura Health," he said, "but is an important partnership for our company with a large not-for-profit health system allowing us to expand our regional coverage in the state of Colorado." The new Denver branch will bring the total number of American HomePatient centers in the state to four. William H. Fischer, Centura Health's senior vice president, corporate development, is also pleased with the agreement. "When Centura Health was formed, it was structured as a high quality, cost-effective and fully integrated statewide health system," Fischer explained. "American HomePatient, with their national reputation for quality and cost-effectiveness, has a proven track record of success in partnerships with hospital systems and provides an important component to help us achieve our goal of total continuity of care for our patients from hospital to home." American HomePatient is one of the largest diversified diversified (di·verˑ·s providers of home health care services in the country with 334 centers in 35 states. The company's primary product and service offerings include home respiratory services, home infusion, parenteral parenteral /pa·ren·ter·al/ (pah-ren´ter-al) not through the alimentary canal, but rather by injection through some other route, as subcutaneous, intramuscular, etc. par·en·ter·al adj. 1. and enteral nutrition Enteral nutrition Nourishment given through a tube or stoma directly into the small intestine, thus bypassing the upper digestive tract. Mentioned in: Electrolyte Supplements, Enterostomy, Necrotizing Enterocolitis and home medical equipment. American HomePatient's common stock is traded in the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (National Market) under the symbol AHOM. CONTACT: American HomePatient Inc., Brentwood Edward K. Wissing or Kathey S. Palmer, 615/221-8884 |
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