St. Louis-based Ascension last week announced an agreement with Franklin, Tenn.-based Capella Healthcare to acquire four hospitals in Tennessee that were jointly owned by Capella and Ascension's Tennessee ministry, Saint Thomas Health.
Once the transaction closes, the following four hospitals will become part of the Nashville, Tenn.-based Saint Thomas Health network:
- River Park Hospital (McMinnville, Tenn.)
- Highlands Medical Center (Sparta, Tenn.)
- DeKalb Community Hospital (Smithville, Tenn.)
- Stones River Hospital (Woodbury, Tenn.)
The hospitals were previously part of a Capella-Saint Thomas joint venture to expand community services and enhance cardiac, stroke and telemedicine services.
"Since our partnership with Saint Thomas Health in 2012, we've further enhanced services in the Upper Cumberland region, with our four hospitals becoming part of the Saint Thomas Stroke Network, adding new telemedicine capabilities, and broadening access to physicians," Michael A. Wiechart, Capella president and CEO, said in a statement. "To take care to the next level, we have been exploring with Saint Thomas how our partnership could best evolve to achieve our shared goals. With Saint Thomas' national recognition for quality and their recent partnership with [University of Tennessee]'s primary care residency program, we know that this evolution in our relationship comes at the best possible time."
More articles on hospital transactions and valuation:
Methodist in Memphis affiliates with Mayo Clinic
WellStar pursues deal to buy 5 Georgia hospitals from Tenet|
60 statistics and thoughts on healthcare, hospital and physician practice M&A