NAPLES, Fla., Jul 01, 2010 (BUSINESS WIRE) --
Health Management Associates, Inc. (NYSE: HMA) today announced that it has acquired a 60% controlling interest in three Shands HealthCare hospitals: Shands Lake Shore located in Lake City, Florida, Shands Live Oak, located in Live Oak, Florida and Shands Starke, located in Starke, Florida. Shands HealthCare ("Shands") will retain a 40% ownership interest in each hospital. The transaction was effective as of July 1, 2010.
"We are very excited to welcome these three facilities into the Health Management family of hospitals," said Gary D. Newsome, President and Chief Executive Officer of Health Management. "Health Management's expertise is in the operation of non-urban community hospitals, where we can enable America's best local health care. We believe these three hospitals offer us the opportunity to apply our proven operating initiatives in the emergency room, physician recruitment and market service development to improve efficiency, quality and access to care, and we are eager to leverage our new partnership with Shands to achieve even better outcomes for the residents of Bradford, Columbia and Suwannee counties."
Combined, the three hospitals operate 139 beds and generate approximately $100 million of annual net revenue. Health Management's purchase price for its 60% controlling interest was approximately $21.5 million.
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. Through its subsidiaries, Health Management operates 58 hospitals, with approximately 8,500 licensed beds, in non-urban communities located throughout the United States. All references to "Health Management," "HMA" or the "Company" used in this release refer to Health Management Associates, Inc. and its affiliates.