CHI, Memorial Health System of East Texas Finalize Transfer of Ownership

Englewood, Colo.-based Catholic Health Initiatives and Lufkin, Texas-based Memorial Health System of East Texas have signed a definitive agreement transferring ownership of Memorial to CHI.

"CHI is excited to welcome Memorial to our system," said Kevin Lofton, CEO of CHI, in a news release. Memorial will benefit from CHI's growing presence in Texas such as CHI St. Luke's Health undertaking with the Baylor College of Medicine and Texas Heart Institute in Houston.

CHI intends to keep the charity care and core health services currently offered by Memorial, which will be overseen by a local board of community and physician leaders, according to the release.

"Memorial's 65-year mission is expanded, strengthened and secured through this transfer of ownership to CHI," said Gary Looper, president and CEO of Memorial, in the release. "CHI's strong commitment and resources, national reach and successful faith-based ministry make this an excellent fit for Memorial."

More Articles on Hospital Ownership:

East Orange General Hospital, Prospect Medical Holdings Reach Partnership Agreement
Ochsner Health to Manage St. Charles Parish Hospital
The Details of Hospital Transactions and Real Estate Deals: Q&A With VMG Health's Frank Fehribach