Mercy System Renamed Tennova Healthcare
NAPLES, Fla.--(BUSINESS WIRE)-- Health Management Associates, Inc. (NYSE:HMA) today announced that a subsidiary of Health Management has completed its acquisition of the assets of Mercy Health Partners, which is a subsidiary of Catholic Health Partners, Inc. As a result, Health Management has acquired or leased all seven of Mercy’s hospitals, which include a total of 1,323 licensed beds as well as additional continuum-of-care services that are part of the Knoxville-based East Tennessee health system. The transaction is effective as of October 1, 2011.
Also effective October 1, 2011, the former Mercy System is re-named “Tennova Healthcare.” The first part of "Tennova" reflects Mercy's roots in Tennessee. The second part of the name, "nova," is formed from the Latin word "novare," meaning "to make new." The new name represents Health Management's commitment to building a fully integrated, innovative healthcare system in the Knoxville area.
"We are very excited to welcome the newly renamed Tennova Healthcare system into Health Management’s family of hospitals," said Gary D. Newsome, President and Chief Executive Officer of Health Management. "These hospitals comprising Tennova Healthcare have a rich history of delivering quality care to the communities they serve. With its strong community support, excellent medical staffs and dedicated associates, we intend to enhance that tradition of high quality health care 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 66 hospitals, with approximately 10,400 licensed beds 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.
Forward-Looking Statements
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,” “plans,” “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, income or loss, capital expenditures, earnings per share, debt structure, bad debt expense, capital structure, repayment of indebtedness, other financial items and operating statistics, statements regarding the plans and objectives of management for future operations, innovations, or market service development, statements regarding acquisitions, joint ventures, divestitures and other proposed or contemplated transactions (including but not limited to statements regarding the potential for future acquisitions and perceived benefits of acquisitions), statements of future economic performance, statements regarding the effects and/or interpretations of recently enacted or future health care laws and regulations, statements of the assumptions underlying or relating to any of the foregoing statements, and other statements which 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, 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 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 or publicly announce any revisions to any of the forward-looking statements contained in this press release.
CONTACT:
Health Management Associates, Inc.
John Merriwether, 239-598-3131
Vice President
KEYWORDS: United States North America Florida Tennessee
INDUSTRY KEYWORDS: Practice Management Health Hospitals Other Health General Health Managed Care
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