February 17th, 2010 4:25 PM by Heather Brown
St. Davis's HeatlhCare is Buying Heart Hospital for $83 Million!
St. David's HealthCare Partnership signed an agreement on Tuesday to buy Heart Hospital of Austin less than two months after acquiring a related doctor's group.
St. David's signed a definitive agreement to take over Heart Hospital assets after it absorbed affiliated physician group Austin Heart Jan. 1st. Details on both transactions were not disclosed, but the sale is reportedly worth about $83.6 Million. Officials said the recent deal will be finalized during Heart's third fiscal quarter.
Austin Heart is a separate entity from the hospital, but the practice's providers own part of the hospital and perform most procedures there.
Heart Hospital CEO and President David Laird said this morning the change will be relatively transparent to patients. Heart staff and management will stay on through the deal and signage is not expected to change.
MedCath Corp. based in North Carolina, opened the 58 bed Heart Hospital in 1998 during a time of a massive health care consolidation in the region. But the specialty cardiac hospital since has proved viable competition to the city's dominant health care providers - St. David's HealthCare Partnership and Seton Healthcare Network.
Austin-based St. David's operates 24 care center in Central Texas and is one of the largest health care systems in the State.
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