HEALTHTRUST, INC. TO PURCHASE BAYLOR MEDICAL CENTER AT GILMER
HEALTHTRUST, INC. TO PURCHASE BAYLOR MEDICAL CENTER AT GILMER GILMER, Texas, Nov. 3 /PRNewswire/ -- Baylor Medic al Center at Gilmer and HealthTrust, Inc. - The Hospital Company (NYSE: HTI) have signed a letter of intent that provides for HealthTrust to purchase Baylor Medical Center at Gilmer. Included in the transaction are the hospital, professional office building and adjacent land. According to the agreement, HealthTrust will operate the hospital as a general acute care facility.
"HealthTrust has vast experience operating facilities like Baylor Medical Center at Gilmer," said Tod Lambert, director of development for HealthTrust. "Approximately 40 percent of the company's 81 hospitals are sole community providers. This experience in providing primary health care services in smaller communities will allow HealthTrust to operate Baylor Medical Center at Gilmer in an efficient, cost-effective manner."
According to Lambert, Gilmer's proximity to Longview Regional Hospital, an 80-bed HealthTrust facility 22 miles away, will allow for added economies of scale and permit additional operating efficiencies. Baylor Medical Center at Gilmer will be operated as a separate facility but certain administrative functions will be combined with Longview Regional Hospital and the two facilities will collaborate on a variety of operational issues. According to Lambert, the efficiencies that will be gained by working together will allow HeathTrust to enhance the health care services available in Gilmer. "Collaboration and networking among health care providers is the wave of the future, and in today's current health care environment, responsible cooperation among facilities is the key to success," continued Lambert. "We expect the employees and medical staff of the hospital to be pleased and excited about this announcement," said Gordon Bowers, chairman of the board of trustees of Baylor Medical Center at Gilmer. "Our organizations share similar values and the same high standards of patient care, and our employee benefits are similar. "We all feel this arrangement is good for the city of Gilmer as well as for Upshur County," continued Bowers. "HealthTrust is a good corpa?tion. With the specialty services available through Longview Regional Medical Center and the strengths of HealthTrust behind the hospital, it will continue to grow and provide excellent care for the people of the community." Final details of the purchase are still being negotiated, according to L. Gerald Bryant, executive vice president, Baylor Health Care System. "Final documents should be signed in mid-December and we anticipate HealthTrust will assume operational responsibility and ownership effective Jan. 1, 1993." The transaction must be approved by both the HealthTrust board of directors and the Baylor Health Care System board of directors. The Baylor Health Care System, Baylor Medical Center at Gilmer and the Baylor Care Center have authorized Goldman, Sachs & Co. to act as the exclusive financial advisor for the offering. HealthTrust, Inc., headquartered in Nashville, Tenn., is one of the largest hospital companies in the United States, operating acute care hospitals and providing a full range of health care services for 81 markets in 21 states. -0- 11/3/92 /CONTACT: Rene' Evans of Lovell Communications, (home) 615-865- 1842, or 615-297-7766, for HealthTrust, Inc./ (HTI) CO: HealthTrust, Inc. - The Hospital Company; Baylor Medical Center at Gilmer ST: Tennessee, Texas IN: HEA SU: TNM
MM-SB -- CH008 -- 2189 11/03/92 16:32 EST
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|Date:||Nov 3, 1992|
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