HORIZON HEALTHCARE ANNOUNCES THE PURCHASE OF A FORMER PSYCHIATRIC HOSPITAL IN ALBUQUERQUE, N.M.
ALBUQUERQUE, N.M., Jan. 25 /PRNewswire/ -- Horizon Healthcare Corp. (NYSE: HHC) announced today that it has purchased from Mediplex for $2,000,000 a former private psychiatric hospital campus in Albuquerque. Horizon will convert the hospital into a 116 bed long-term care center which will specialize in the treatment of residents with Alzheimer's disease. An additional $1,500,000 will be invested in the conversion. Commenting on the acquisition, Neal M. Elliott, chairman and chief executive officer of Horizon said, "This will be our 21st Alzheimer's Living Center and will have 58 beds. As we have successfully done in many of our other locations, we work closely with local Alzheimer's support groups and healthcare professionals to optimize the design and development of the programs for this unit. We are very proud of our unique Alzheimer's Living Center program which contains three distinct units. Twenty beds will be dedicated to higher functioning ambulatory Alzheimer's residents, 20 beds will be used for more difficult behavior related to Alzheimer's disease as it progresses, and 18 beds will be used for "end stage" / hospice Alzheimer's residents. As in all our centers, the Alzheimer's program tries to provide a drug free environment and self contained areas for physical exercise. The Horizon Alzheimer's Living Center unit is a modern response to a pressing medical problem. "We are especially pleased with the purchase of this facility as it reaffirms our commitment to new innovative programs in long-term health care in New Mexico, where Horizon operates 17 nursing centers employing 1,400 people and providing care to 1,500 residents on a daily basis," continued Elliott. "This acquisition is yet another example of our long range acquisition plans for regional concentration and will strengthen our position in New Mexico." Horizon Healthcare, headquartered in Albuquerque is a leading provider of quality long-term healthcare including licensed specialty hospitals and subacute care units, institutional pharmacy services, rehabilitation therapies, Alzheimer care and long-term nursing care. After the completion of this transaction, the company will operate two specialty hospitals and four subacute care units, 75 long term care centers with a total of 8,492 beds in 10 states, and institutional pharmacy operations implementing contracts to serve 21,500 beds by the end of this fiscal year. -0- 1/25/93 /CONTACT: Michael H. Seeliger of Horizon Healthcare, 505-881-4961/ (HHC)
CO: Horizon Healthcare Corp. ST: New Mexico IN: HEA SU:
MC -- DV002 -- 8475 01/25/93 12:03 EST
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|Date:||Jan 25, 1993|
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