Completion of hospital acquisition strengthens Tenet's Florida network.MIAMI--(BUSINESS WIRE)--Jan. 13, 1997--Tenet Healthcare Corp. (NYSE/PSE:THC THC tetrahydrocannabinol. THC n. Tetrahydrocannabinol; a compound that is obtained from cannabis or is made synthetically; it is the primary intoxicant in marijuana and hashish. ) Monday welcomed North Shore Medical Center into its Florida network by completing the acquisition of the 357-bed acute care, non-profit hospital A non-profit hospital, or not-for-profit hospital, is a hospital which is organized as a non-profit corporation. Based on their charitable purpose and most often affiliated with a religious denomination they are a traditional means of delivering medical care in the United States. located in northern Dade County Dade County can refer to the following places:
The hospital has annual net revenues of approximately $90 million. Financial terms of the agreement were not disclosed. "The addition of North Shore will further advance Tenet's strategy of creating a comprehensive health-care network in South Florida, enhancing our ability to provide efficient, quality care and value to our patients," said Michael H. Focht Sr., president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Tenet. "Through acquisitions like this we have been able to build upon our successful approach of providing the type of access insurers and employers are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. in purchasing quality health-care services." North Shore Medical Center becomes a part of Tenet South Florida HealthSystem, an integrated delivery network of 50 health-care facilities, now including 10 acute care and specialty hospitals and a range of outpatient clinics and centers designed to provide a full spectrum of care. "In today's environment, it is very difficult to stand alone in the face of managed care pressures," said George F. Daviglus, M.D., chairman of North Shore's Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. . "We reviewed several alternatives and Tenet was the best fit. A Tenet affiliation allows us to maintain our identity as a quality hospital while providing us with the resources of one of the nation's largest health-care organizations and the efficiencies that come with that association." In addition to Tenet's national resources, North Shore will benefit from the advantages of belonging to a strong regional health system. "In Florida, Tenet has taken decisive steps both to streamline and improve patient care and to realize cost savings by more effectively deploying health-care resources," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Don S. Steigman, senior vice president of Tenet's Florida Region. "For instance, with its physicians, Tenet has used its collective purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. to achieve reduced pricing for total hip or knee replacement implant devices while maintaining physician preferences," Steigman said. "Through the development of clinical pathways, Tenet hospitals are identifying opportunities to save money while continually improving patient care. "With its longstanding reputation for quality health care in Dade County, North Shore Medical Center will be a true asset to our system," Steigman added. "We look forward to enhancing the leadership role the hospital has forged through its employees and affiliated physicians to further strengthen the hospital's relationship with the community." In October 1996, Tenet announced it will acquire OrNda HealthCorp, the nation's third-largest investor-owned health-care company. This merger will create an $8.8 billion company serving 22 states through a network of 126 acute care hospitals and numerous ancillary facilities staffed by affiliated physicians and more than 100,000 health-care professionals. Tenet expects to complete that acquisition, which is subject to shareholder approval and completion of various government requirements, by the end of January 1997. Over the 17 months, Tenet has acquired, leased or formed partnerships with numerous hospitals and health systems, all within the not-for-profit and public sectors. Included are Memorial Medical Center (formerly Mercy+Baptist), New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded ; Providence Memorial Hospital, El Paso El Paso (ĕl pă`sō), city (1990 pop. 515,342), seat of El Paso co., extreme W Tex., on the Rio Grande opposite Juárez, Mex.; inc. 1873. , Texas; Medical Center of Manchester, Manchester, Tenn.; Methodist Hospital of Jonesboro, Jonesboro, Ark.; Hialeah Hospital, Hialeah, Fla.; and Lloyd Noland Hospital & Health System, Birmingham, Ala. Letters of intent also have been signed with Brookside Hospital in San Pablo, Calif., and Desert Hospital in Palm Springs, Calif. In South Florida, Tenet has formed additional partnerships with Cleveland Clinic Florida and Intracoastal Health Systems Inc. Tenet, based in Santa Barbara, Calif., through its subsidiaries, owns and operates 76 acute care hospitals and numerous related health-care businesses in 13 states. North Shore Medical Center will be acquired under the subsidiary Tenet HealthSystem Medical Inc. Tenet's name signals its core business philosophy -- the importance of shared values between partners, including employees, physicians, insurers and communities in providing a full spectrum of quality health care. Tenet South Florida HealthSystem is an integrated delivery network of 50 facilities, including acute care hospitals; physical rehabilitation physical rehabilitation See Physical therapy. , psychiatric and skilled nursing facilities skilled nursing facility n. Abbr. SNF An establishment that houses chronically ill, usually elderly patients, and provides long-term nursing care, rehabilitation, and other services. ; outpatient surgery, diagnostic, workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. , occupational therapy and health and fitness centers. Tenet South Florida HealthSystem's acute care hospitals are Delray Medical Center, Hialeah Hospital, Hollywood Medical Center, North Ridge Medical Center, Palm Beach Gardens Medical Center, Palmetto General Hospital and West Boca Medical Center. Specialty hospitals include Fair Oaks Hospital and Pinecrest Rehabilitation Hospital. The announced merger with OrNda will add four additional facilities to the network including Florida Medical Center Hospital, Florida Medical Center -- South, Parkway Regional Medical Center and Coral Gables Hospital. North Shore Medical Center, a 357-bed acute care hospital located in Miami, was founded in 1953. The hospital offers a full range of acute care services including a family-focused obstetrics, gynecology and pediatrics center; critical care; neonatal intensive care; comprehensive cancer treatment program, including the advanced XKNIFE technology; and telemetry telemetry Highly automated communications process by which data are collected from instruments located at remote or inaccessible points and transmitted to receiving equipment for measurement, monitoring, display, and recording. , plus a wide array of outpatient services outpatient services Hospital-based services Managed care Medical and other services provided, to a nonadmitted Pt, by a hospital or other qualified facility–eg, mental health clinic, rural health clinic, mobile X-ray unit, free-standing dialysis unit Examples . The hospital has 450 affiliated physicians. CONTACT: Tenet Patti Monahan, 972/789-2382 (media) Trish Brainerd, 954/351-7757 (media) Paul Russell, 805/563-7188 (investors) |
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