NAPLES, Fla. -- (Business Wire)
Health Management Associates, Inc. (NYSE: HMA) today announced
that a subsidiary has executed a definitive agreement to partner with
the 480-bed Bayfront Health System, located in St. Petersburg, Florida.
The transaction is subject to the execution of a lease agreement between
the partnership and the City of St. Petersburg, as well as customary
“We have been very pleased with the collaborative process and the hard
work everyone is doing to make this partnership a reality,” said Gary D.
Newsome, President and Chief Executive Officer of Health Management. “We
continue to work closely with Bayfront’s senior leaders, Board of
Trustees, and the St. Petersburg City Council to modernize the lease
agreement and to create a partnership that will serve the needs of the
citizens of the St. Petersburg community for generations to come. We are
committed to high quality care and to positioning Bayfront as a flagship
tertiary hospital for the entire region.”
As part of the joint venture, Health Management will acquire an 80%
interest in Bayfront Health System, and introduce an affiliation with
ShandsHealthCare, part of UF&Shands, the University of Florida Academic
Health Center. Although terms of the transaction have not been
disclosed, net proceeds of approximately $150 million will be invested
in the new Bayfront HERO (Health, Education and Research Organization)
Foundation. This foundation will invest in research and education in
partnership with Bayfront Health System, Johns Hopkins/All Children’s
Healthcare and other healthcare and academic partners. Bayfront HERO
will invest in a 20 percent ownership stake in the partnership.
“Partnering with Bayfront Health System is a very exciting opportunity
to not only strengthen our network of services in west central and
southwestern Florida, but combine a shared culture of patient focused
health care delivery,” added Newsome. “This partnership underscores our
commitment to enabling America’s best local health care through
strategic investments in existing regions to improve access to high
quality health care services for the communities we serve. We look
forward to working together with the physicians, medical professionals
and hospital staff to continue Bayfront’s more than 100-year history of
delivering high quality health care to west-central Floridians. Together
we can improve our ability to anticipate and exceed our customers’
expectations for world-class health care.”
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. Upon completion of this transaction,
Health Management, through its subsidiaries, will operate 71 hospitals,
with approximately 11,000 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,”
“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 incurrence of indebtedness,
projections of revenue, income or loss, capital expenditures, earnings
per share, debt structure, the provision for doubtful accounts, capital
structure, repayment of indebtedness, the amount and timing of funds
under the meaningful use measurement standard of various HCIT incentive
programs, 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 legal proceedings and other loss contingencies (including but
not limited to the timing and amount of costs incurred in connection
with such proceedings), 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 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, and Quarterly
Report on Form 10-Q for the quarterly period ended June 30, 2012,
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.
Health Management Associates, Inc.
John C. Merriwether, 239-598-3131
President of Financial Relations
Source: Health Management Associates, Inc.
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