Health Management Associates, Inc. Completes Transaction to Launch New Partnership with Bayfront Health System, St. Petersburg, Florida
Health Management Associates, Inc.239-598-3131Vice President of Financial Relations
today announced that a subsidiary has completed the transaction to launch a new joint venture partnership with the 480-bed Bayfront Health System, located in St. Petersburg, Florida. The transaction is effective as of April 1, 2013.
Through the joint venture, Health Management now owns an 80 percent interest in Bayfront Medical Center and its related operations, and has introduced a clinical affiliation with Shands HealthCare, part of UF&Shands, the University of Florida Academic Health Center. The Bayfront Health, Education and Research Organization (HERO), an independent not-for-profit created and funded by proceeds from the new partnership, will retain a 20 percent ownership in Bayfront. The joint venture is governed by local representatives of Bayfront and Health Management – and a new, entirely local hospital Board of Trustees began their service today.
“We are very excited to welcome Bayfront into Health Management’s family of hospitals,” said Gary D. Newsome, President and Chief Executive Officer of Health Management. “Bayfront has a rich history of delivering quality care to their community. With its strong community support, excellent medical staff and dedicated Associates, we intend to enhance that tradition of high quality healthcare delivery through innovation and a patient-centered approach.”
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. Health Management, through its subsidiaries, operates 71 hospitals, with approximately 11,100 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.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "estimates," "projects," "anticipates," "believes," “intends,” "plans," “may,””pending,” “continues,” “should,” "could" and other similar words. All statements addressing operating performance, events or developments that Health Management Associates, Inc. expects or anticipates will occur in the future, including but not limited to projections of revenue, provisions for doubtful accounts, income or loss, capital expenditures, debt structure, principal payments on debt, capital structure, the amount and timing of funds under the meaningful use measurement standard of various Healthcare Information Technology incentive programs, other financial items and operating statistics, statements regarding our plans and objectives for future operations, acquisitions, acquisition financing, divestitures, joint ventures, market service development and other transactions, statements of future economic performance, statements regarding our legal proceedings and other loss contingencies (including, but not limited to, the timing and estimated costs of such matters), statements regarding market risk exposures, statements regarding the effects and/or interpretations of recently enacted or future health care laws and regulations, statements of the beliefs or assumptions underlying or relating to any of the foregoing statements, and statements that are other than statements of historical fact, are considered to be "forward-looking statements.”
Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Health Management Associates, Inc.'s most recent Annual Report on Form 10-K, including under the heading entitled "Risk Factors." Should one or more of these risks or uncertainties materialize, or should any of Health Management Associates, Inc.'s underlying beliefs or assumptions prove incorrect, actual results could vary materially from those currently anticipated. In addition, undue reliance should not be placed on Health Management Associates, Inc.'s forward-looking statements. Except as required by law, Health Management Associates, Inc. disclaims any obligation to update its risk factors or to publicly announce updates to the forward-looking statements contained in this press release to reflect new information, future events or other developments.