DALLAS---Tenet Healthcare Corporation (NYSE:THC) and Baylor Scott & White Health announced today that they have entered into a definitive agreement to restructure their joint venture arrangements for three North Texas hospitals: Baylor Scott & White Medical Center – Centennial, Baylor Scott & White Medical Center – Lake Pointe, and Baylor Scott & White Medical Center – Sunnyvale. Baylor Scott & White and Tenet have co-owned the three hospitals as joint venture partners since January 2016, with Baylor Scott & White as the majority owner and Tenet as the minority owner and operator of the three facilities.
Under the definitive agreement, Baylor Scott & White will acquire Tenet’s minority interest in Baylor Scott & White – Centennial and Baylor Scott & White – Lake Pointe and take over the operation of both hospitals. Baylor Scott & White – Sunnyvale, which is a joint venture between physicians, Baylor Scott & White and Tenet, will become part of Texas Health Ventures Group (THVG), an existing joint venture between Tenet’s United Surgical Partners International (USPI) subsidiary and Baylor Scott & White. THVG currently includes 36 facilities in North Texas, all owned in partnership with physicians and operated by USPI.
The transactions are expected to be completed in the spring of 2018, subject to regulatory approvals and customary closing conditions.
About Baylor Scott & White Health
Formed from the 2013 merger between Baylor Health Care System and Scott & White Healthcare, the system referred to as Baylor Scott & White Health is the largest not-for-profit health care system in the state of Texas. With total assets of $11.1 billion* and serving a population larger than the state of Georgia, Baylor Scott & White Health has the vision and resources to provide its patients continued quality care while creating a model system for a dramatically changing health care environment. The system now includes 50 hospitals, nearly 1,000 access points, 7,800 active physicians, and 48,000 employees, plus the Scott & White Health Plan, Baylor Scott & White Research Institute and Baylor Scott & White Quality Alliance — a network of clinical providers and facilities focused on improving quality, managing the health of patient populations, and reducing the overall cost of care. For more information visit: BSWHealth.com
* based on audited 2017 fiscal year statements
About Tenet Healthcare
Tenet Healthcare Corporation is a diversified healthcare services company with nearly 130,000 employees united around a common mission: to help people live happier, healthier lives. Through its subsidiaries, partnerships and joint ventures, including United Surgical Partners International, the Company operates general acute care and specialty hospitals, ambulatory surgery centers, urgent care centers and other outpatient facilities in the United States and the United Kingdom. Tenet’s Conifer Health Solutions subsidiary provides technology-enabled performance improvement and health management solutions to hospitals, health systems, integrated delivery networks, physician groups, self-insured organizations and health plans. For more information, please visit www.tenethealth.com.
About United Surgical Partners International
United Surgical Partners International, Inc. (USPI) is an ambulatory healthcare provider serving more than 2.5 million patients each year and partnering with over 50 not-for-profit health systems nationwide to deliver top tier care to their patients and to help grow their capabilities in the markets they serve. The company, a subsidiary of Tenet Healthcare, currently operates more than 265 ambulatory surgery facilities, 95 urgent care centers and 23 imaging centers. For more information, please visit www.uspi.com.
Tenet Investor Contact:
Tenet/USPI Media Contact:
Baylor Scott & White Health Media Contact:
This release contains “forward-looking statements” - that is, statements that relate to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “assume,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include, but are not limited to, the factors disclosed under “Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the year ended December 31, 2016 and other filings with the Securities and Exchange Commission.
Tenet uses its Company website to provide important information to investors about the Company including the posting of important announcements regarding financial performance and corporate development.