Community Health Systems Acquires 60th Hospital; Adds New State to Market Area With Oak Hill, West Virginia Facility.Business Editors, Health/Medical Writers Community Health Systems, Inc. (NYSE NYSE See: New York Stock Exchange : CYH CYH Check Your Head (youth driven organization in Canada) CYH Consider Yourself Hugged ) today announced the acquisition of 90-bed Plateau Medical Center, the sole community provider of acute care hospital services in Oak Hill, West Virginia Oak Hill is a city in Fayette County, West Virginia, United States and is the primary city within the Oak Hill, WV Micropolitan Statistical Area which, as of July 2005 census data, had a population of 46,823. . Oak Hill is located approximately 45 miles southeast of Charleston, West Virginia Not to be confused with Charles Town, West Virginia. Charleston is the capital of the U.S. state of West Virginia. It is located at the confluence of the Elk and Kanawha Rivers in Kanawha County. As of the 2000 census, it has a population of 53,421. . The hospital was acquired from Charleston Area Medical Center Charleston Area Medical Center (CAMC) is the name of a complex of hospitals in Charleston, West Virginia, formed via a merger of previously independent facilities. It is the state's largest hospital. Health System, a non-profit organization A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. , and represents the Company's first acquisition in the state of West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. . The effective date of the transaction was June 30, 2002. "Reaching this milestone of acquiring our 60th acute care hospital, as well as adding a new state to our operations, demonstrates the continued, consistent and successful execution of our acquisition strategy," said Wayne T. Smith, Chairman, president and chief executive officer of Community Health Systems, Inc. "We look forward to adding to and enhancing the health care services available to the residents of this rural community and working with the dedicated medical staff, employees and local leadership. We will be implementing our other key strategies to grow revenues, recruit additional physicians, provide capital resources, and improve the efficiency of the operations at this facility. We are pleased to bring our proven model of successful hospital operations to this new community." Located in the Nashville, Tennessee suburb, Brentwood, Community Health Systems is a leading operator of general acute care hospitals in non-urban communities throughout the country. Through its subsidiaries, the Company currently owns, leases or operates 60 hospitals in 21 states. Its hospitals offer a broad range of inpatient medical and surgical services, outpatient treatment and skilled nursing care. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "CYH." Statements contained in this news release regarding this recently acquired facility and other events are forward-looking statements that involve risks and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, specifically the most recent filings which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including execution of our growth, acquisition, and business strategies. These and other applicable risks are summarized under the caption "risk factors" in the Company's Securities and Exchange Commission filings. |
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