RegionalCare Hospital Partners has finalized its agreement to take over the operations of a community hospital in southeast Arizona.
Brentwood-based RegionalCare early this year inked a preliminary deal with officials from Sierra Vista Regional Health Center, which comprises an 88-bed hospital and outpatient surgery and imaging centers. The parties’ agreement calls for RegionalCare to lease Sierra Vista, invest $11 million in various improvements and build a 100-bed replacement hospital. RegionalCare also has earmarked $18 million over seven years to recruit more than 25 physicians.
Sierra Vista now is the eighth facility under the umbrella of RegionalCare, which was launched almost four years ago with backing from private-equity firm Warburg Pincus.
“This is a very exciting day for Sierra Vista Regional Health Center and the people of this region," said Bruce Dockter, chairman of the board of trustees for Sierra Vista. “I am confident that RegionalCare Hospital Partners is the right partner to take healthcare in our community to the next level. They are committed to building a new medical facility, maintaining local control of the quality and delivery of services, and working closely with the hospital’s physicians and staff.”
Groundbreaking on the new hospital — a rendering is below — is slated for later this year, and construction is expected to take 18 months. Local architecture firm Gould Turner Group is helping develop the facility.
“Together, we have the resources to meet the challenges facing all community hospitals across the country,” said Marty Rash, executive chairman of RegionalCare. “We look forward to working with the hospital board, medical staff, hospital employees, and community officials to find the ways to provide the quality care and access to services this community deserves.”