Healthcare Industry News: PASCAL
News Release - March 26, 2007
HCA and University of Miami Announce Signing of Letter of Intent to Pursue the Sale of HCA's Cedars Medical Center to UM
NASHVILLE, Tenn. and MIAMI, March 26 (HSMN NewsFeed) -- HCA and the University of Miami today announced the signing of a letter of intent to pursue the sale by HCA of Cedars Medical Center in Miami to UM. Final terms of the agreement are still in negotiation."This provides an opportunity for growth of the University's clinical programs in the Miami Health District, while continuing UM's comprehensive and strong affiliation with Jackson Health System," said William Donelan, UM's vice president for medical administration and chief operating and strategy officer of the Miller School of Medicine. "Some UM faculty physicians are currently members of the Cedars Medical Center staff, and we look forward to working closely with the doctors, nurses and staff of Cedars in developing the hospital's full capability as a university hospital environment in service to the people of Miami-Dade County and beyond."
Cedars Medical Center and the University of Miami have a strong, long- standing relationship. UM School of Medicine students and trainees rotate at Cedars in nearly a dozen specialties, including oncology, general and vascular surgery, urology and orthopedics. In addition, some UM physicians have offices at Cedars Medical Center and regularly practice at the hospital.
Expanding opportunities for medical education and research at Cedars will allow the hospital to thrive as part of an area that continues to develop as a major center for medical education, research and unsurpassed patient care.
"We're pleased to have reached this agreement with the University of Miami," said Jack O. Bovender, Jr., HCA Chairman and Chief Executive Officer. "We believe this positions Cedars Medical Center for future success."
UM faculty physicians serve as the medical staff of Jackson Memorial Hospital, which is run by the Public Health Trust of Miami-Dade County. "Our relationship with Jackson is stronger than ever," said PASCAL J. Goldschmidt, M.D., senior vice president for medical affairs and dean of the Miller School of Medicine. "We are actively planning with Jackson leadership a number of new strategic clinical program priorities to be developed and enhanced at Jackson Memorial Hospital."
HCA continues to have a strong presence in Miami-Dade County through Kendall Regional Medical Center and Aventura Hospital and Medical Center, both of which have recently undergone significant expansions.
"This is a logical evolution in the relationship between Cedars Medical Center and the University of Miami," said Stephen L. Royal, HCA East Florida Division President. "HCA remains committed to serving our patients in Miami- Dade County through Kendall Regional Medical Center and Aventura Hospital and Medical Center."
As part of the agreement, HCA would provide some specific support services to UM for Cedars Medical Center, such as information technology, billing/collections and procurement services. The transaction is expected to close this summer, subject to approval of a definitive agreement by HCA's directors and the University's Board of Trustees, and customary regulatory approvals.
This press release contains forward-looking statements based on current management expectations. Those forward-looking statements include all statements other than those made solely with respect to historical fact. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. These factors include, but are not limited to (i) any anticipated terms of the anticipated sale; (ii) the anticipated timing of the closing of the transactions contemplated by the letter of intent, (iii) the ability to obtain all necessary regulatory approvals with respect to the sale, (iv) the ability of HCA to smoothly transition the divested hospitals; and (v) other risk factors detailed in HCA's filings with the SEC. Many of the factors that will determine HCA's future results are beyond the ability of HCA to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. HCA undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
All references to "HCA" as used throughout this document refer to HCA Inc. and its affiliates.
Source: HCA Inc
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