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Medical Facilities Corporation Acquires Physician-Owned Hospital in Indiana
Medical Facilities Corporation Acquires Physician-Owned Hospital in Indiana Medica...
About this update from Medical Facilities Corporation
[{"type":"text","content":"\n\n\n\nMedical Facilities Corporation Acquires Physician-Owned Hospital in Indiana\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMedical Facilities Corporation Acquires Physician-Owned Hospital in Indiana\nCanada NewsWire\nTORONTO, Sept. 23, 2016\n\n\n\nTORONTO, Sept. 23, 2016 /CNW/ - Medical Facilities Corporation (\"Medical Facilities\" or the \"Company\") (TSX: DR), today announced that it has closed its previously announced transaction to acquire, in stages, an indirect 83 percent interest in Unity Medical and Surgical Hospital (\"Unity\"), a physician-owned medical and surgical hospital located in Mishawaka, Indiana. The signing of a letter of intent to acquire the hospital and the acquisition of the underlying real estate was announced in a press release dated July 15, 2016.\n\nUnity Medical and Surgical Hospital is a 50,000 square foot, 29-bed Medicare-certified facility with four surgical and two special procedure suites focused on providing orthopedic, ophthalmology, podiatry, pain management, and spine surgery. It is one of the top performing hospitals in the U.S. with service scores in the top five percent, as determined by a national survey of patient care conducted by HCAHPS on behalf of the Centers for Medicare & Medicaid Services, released in July 2016. \n\n\"We are very pleased to have added a strong performer to our existing hospital portfolio,\" said Britt T. Reynolds, CEO of Medical Facilities. \"Unity is a leading hospital in its community, with a skilled physician team combined with a strong commitment to patient care and satisfaction. This transaction is aligned with our growth strategy and we will continue to look for similar attractive assets with value creation potential.\"\n\nAs stated in the release of July 15, 2016, the hospital's operations are 86 percent owned by Physicians ASC Management (\"PAM\"). Under the terms of the agreement, the Company will purchase a 72 percent interest in PAM (representing an indirect 62 percent ownership interest in the hospital) for $26.63 million, and all but four percent of the remaining ownership inter...