BIRMINGHAM, Ala. & DALLAS--(BUSINESS WIRE)--Baptist Health System and Tenet Healthcare Corporation (NYSE:THC) have
signed a definitive agreement to create a joint venture that will
operate a healthcare network serving Birmingham and central Alabama. The
new network will include all Baptist Health System hospitals, Tenet’s
Brookwood Medical Center and each organization’s related businesses.
Under the joint venture arrangement, Tenet will be the majority partner
and will manage the network’s operations.
The new company will unite Baptist Health System’s four hospitals –
Citizens Baptist Medical Center, Princeton Baptist Medical Center,
Shelby Baptist Medical Center and Walker Baptist Medical Center – with
Brookwood Medical Center. Together, the new system will have more than
1,700 licensed beds; 77 outpatient and physician office facilities,
including clinics delivering primary and specialty care; approximately
7,300 employees; and approximately 1,500 affiliated physicians.
“We are excited about joining with Tenet to provide high-quality
healthcare to communities across central Alabama,” said Keith Parrott,
chief executive officer of Baptist Health System. “This partnership will
strengthen our collective efforts and enhance healthcare across the
region while also preserving the Baptist name and tradition, maintaining
our Christian values and identity, and supporting our faith-based
approach to healthcare.”
“We look forward to the opportunity to partner with such a highly
regarded organization as Baptist Health System,” said Britt T. Reynolds,
president of hospital operations at Tenet. “We will not only continue
Baptist’s 92-year mission to care for residents across central Alabama,
but together our two organizations will provide enhanced access to a
wide range of healthcare resources for the communities we serve. This
broad, new network will enable our institutions to better navigate the
changing landscape of healthcare today and create new, innovative models
for patient care.”
Parrott will become CEO of the joint venture, which will be overseen by
a board composed of five representatives from Baptist and five
representatives from Tenet.
The transaction, which is subject to customary closing conditions and
regulatory approvals, is expected to be finalized in the third quarter
of 2015.
About Tenet Healthcare
Tenet Healthcare Corporation is a diversified healthcare services
company with more than 125,000 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 (USPI), the company operates 80 general acute care
hospitals, 18 short-stay surgical hospitals and over 400 outpatient
centers in the United States, as well as nine facilities in 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
(IDN), physician groups, self-insured organizations and health plans.
Tenet also operates six health plans. For more information, please visit www.tenethealth.com.
The terms "THC," "Tenet Healthcare Corporation," "the company," "we,"
"us" or "our" refer to Tenet Healthcare Corporation or one or more of
its subsidiaries or affiliates as applicable.
About Baptist Health System
Baptist Health System, a not-for-profit 501(c) corporation and one of
the largest health systems in Alabama, owns four hospital campuses,
including Princeton (in Birmingham), Shelby (in Alabaster), Walker (in
Jasper) and Citizens (in Talladega) as well as the largest network of
employed primary- and specialty-care physicians providing coordinated
care across central Alabama. The system includes graduate medical
education programs and active clinical research in multiple specialties.
Baptist Health System is committed to providing compassionate,
high-quality, innovative health care and empowering its communities to
achieve their best health. Baptist Health System is a ministry of the
churches of the Birmingham Baptist Association, whose representatives
elect the Board of Trustees. It was founded in 1922 by a group of local
Baptist congregations. For more information please visit
BaptistHealthAlabama.org.
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, 2014, and in our quarterly reports on Form 10-Q,
periodic reports on Form 8-K and other filings with the Securities and
Exchange Commission. The information contained in this release is as of
the date hereof. The company assumes no obligation to update
forward-looking statements contained in this release as a result of new
information or future events or developments.
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 developments.
