HCA Holdings has signed an agreement to buy from fellow local hospital chain Iasis Healthcare three Tampa-area hospitals for an undisclosed amount.
The deal for Palms of Pasadena Hospital, Memorial Hospital of Tampa and Town & Country Hospital comprises 691 beds and revenues of about $242 million. Once the deal closes — that's expected by year's end — the hospitals will become part of HCA West Florida, which will then comprise 19 hospitals and 16 ambulatory surgery centers.
“This transaction is an example of how ongoing changes in the healthcare industry are creating a variety of opportunities for health systems across the country to evolve their care delivery models,” said Iasis President and CEO Carl Whitmer. “And as such, recent assessments of our strategic growth plans in new and existing markets coupled with HCA’s scale and complementary capabilities in Florida make this the appropriate time to change ownership of these three important community hospitals.”
Iasis has owned the hospitals since 1999. In its most recent annual report, company officials said the Florida market "can be more challenging than other markets in which we operate" because of its large Medicare population, high managed care penetration and the state's certificate-of-need program. But they added that they were still looking to bring on physician practices.
“Palms of Pasadena Hospital, Memorial Hospital of Tampa and Town & Country Hospital have strong traditions of caring for their communities for many years,” said HCA West Florida President Peter Marmerstein. “These hospitals will enhance our ability to serve patients throughout the Tampa Bay and St. Petersburg area, and we look forward to welcoming them to HCA West Florida.”