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Health Management Associates, Inc.
today announced that a
subsidiary has executed a definitive agreement to partner with the 480-bed
Bayfront Health System, located in St. Petersburg, Florida. The transaction is
subject to the execution of a lease agreement between the partnership and the
City of St. Petersburg, as well as customary regulatory approvals.
“We have been very pleased with the collaborative process and the hard work
everyone is doing to make this partnership a reality,” said Gary D. Newsome,
President and Chief Executive Officer of Health Management. “We continue to
work closely with Bayfront's senior leaders, Board of Trustees, and the St.
Petersburg City Council to modernize the lease agreement and to create a
partnership that will serve the needs of the citizens of the St. Petersburg
community for generations to come. We are committed to high quality care and
to positioning Bayfront as a flagship tertiary hospital for the entire
region.”
As part of the joint venture, Health Management will acquire an 80% interest
in Bayfront Health System, and introduce an affiliation with ShandsHealthCare,
part of UF&Shands, the University of Florida Academic Health Center. Although
terms of the transaction have not been disclosed, net proceeds of
approximately $150 million will be invested in the new Bayfront HERO (Health,
Education and Research Organization) Foundation. This foundation will invest
in research and education in partnership with Bayfront Health System, Johns
Hopkins/All Children's Healthcare and other healthcare and academic partners.
Bayfront HERO will invest in a 20 percent ownership stake in the partnership.
“Partnering with Bayfront Health System is a very exciting opportunity to not
only strengthen our network of services in west central and southwestern
Florida, but combine a shared culture of patient focused health care
delivery,” added Newsome. “This partnership underscores our commitment to
enabling America's best local health care through strategic investments in
existing regions to improve access to high quality health care services for
the communities we serve. We look forward to working together with the
physicians, medical professionals and hospital staff to continue Bayfront's
more than 100-year history of delivering high quality health care to
west-central Floridians. Together we can improve our ability to anticipate and
exceed our customers' expectations for world-class health care.”
Health Management enables America's best local health care by providing the
people, processes, capital and expertise necessary for its hospital and
physician partners to fulfill their local missions of delivering superior
health care services. Upon completion of this transaction, Health Management,
through its subsidiaries, will operate 71 hospitals, with approximately 11,000
licensed beds, in non-urban communities located throughout the United States.
All references to "Health Management" and the “Company” used in this release
refer to Health Management Associates, Inc. and its affiliates.
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