<0> Medical Properties Trust, Inc.Charles Lambert, 205-397-8897Managing Director </0>
Medical Properties Trust, Inc. (NYSE: MPW) announced today that Monroe Hospital, a Medical Properties Trust acute care hospital facility, has entered into a four year agreement with St. Vincent Health, Inc. (a member of Ascension Health). Under the terms of the agreement St. Vincent Health will manage and operate Monroe Hospital in Bloomington, IN. In addition, Medical Properties Trust and St. Vincent Health have also signed a letter of intent providing St. Vincent Health with the option to purchase or lease the hospital facilities and purchase the Monroe Hospital operations.
“We believe this commitment and significant investment of resources by St. Vincent Health underscore the long-term viability, stability and need for Monroe Hospital in the Bloomington market,” said Edward K. Aldag, Jr., Chairman, President and CEO of Medical Property Trust. “St. Vincent Health has long been considered a top healthcare provider in Indiana, and we believe its major presence in the local market will attract many Bloomington-area physicians and surgeons to the state-of-the-art facilities at Monroe Hospital. We look forward to a successful relationship with the community and the St. Vincent Health management team.”
The management agreement, which is between Monroe Hospital LLC and St. Vincent Health, provides that St. Vincent Health will manage operations for Monroe Hospital with the intent of enhancing local healthcare for the community. During the term of the management agreement, St. Vincent Health will oversee quality efforts, physician relations, patient experience, finance, and other functions with the goal of increasing efficiency, enhancing quality-of-care and reducing costs. Monroe Hospital was previously managed by Vibra Acute Care, LLC, an affiliate of national hospital operator Vibra Healthcare.
“Brad Hollinger and his management team at Vibra have operated exceptionally and positioned Monroe Hospital as an attractive hospital in the Bloomington market,” continued Mr. Aldag. “We are grateful for their dedication to the community and appreciate their continued assistance as operations of Monroe Hospital are successfully transitioned to the management team at St. Vincent Health.”
The letter of intent between Medical Properties Trust and St. Vincent Health establishes a timeline for the negotiation of terms under which St. Vincent Health could purchase the Monroe Hospital operating assets from the existing owner and purchase or enter into a long-term lease for the real estate from Medical Properties Trust.
St. Vincent Health is a nonprofit, spiritually-centered health system, sponsored by Ascension Health of St. Louis, MO., the nation’s largest Catholic health system. St. Vincent Health is one of Indiana’s largest employers with 22 health ministries serving central and southern Indiana. The 131-year-old health system delivers high quality, compassionate care in service areas such as cardiovascular, womens, childrens, neurosciences, cancer care, orthopedics, bariatrics, primary care, emergency medicine, imaging, general surgery and long-term acute care. For more information, visit .
Medical Properties Trust, Inc. is a self-advised real estate investment trust that invests in healthcare assets by acquiring and developing net-leased healthcare facilities. These facilities include inpatient rehabilitation hospitals, long-term acute care hospitals, regional acute care hospitals, ambulatory surgery centers and other single-discipline healthcare facilities, such as heart hospitals and orthopedic hospitals. Medical Properties Trust, Inc. is one of the country’s largest investors in hospital real estate with more than $2.1 billion in assets comprised of more than 80 hospital facilities and other assets.