Two N.W. Ark. Hospitals Get New Owners
by October 23, 2000 12:00 am 78 views
Springdale’s Northwest Health Center and Bentonville’s Bates Medical Center were sold Thursday as part of Triad Health Partners Inc.’s $2.4 billion acquisition of Quorum Health Group Inc. of Nashville, Tenn.
Publicly traded Triad, now the third-largest health care system in America, is based in Dallas and owns hospitals in Hope, El Dorado, Tulsa and Kansas City, Mo. A total of 12 Quorum managed-care facilities in Arkansas are affected, including the hospitals in Siloam Springs, Gravette and Berryville.
About 25 local physicians’ clinics are also part of the transaction, which is expected to officially close sometime next year. But for all practical purposes, Northwest Health System Inc. CEO Bill Bradley said, the new ownership is effective immediately.
“Our employees have been notified throughout the day,” Bradley said. “From our viewpoint, this is a non-event. I think this will be virtually transparent to employees, patients and physicians. This will not change any of our major local initiatives.”
Northwest Health and Bates Medical — the two largest components of Northwest Health System, with a combined 1,600 employees and 290 beds — will continue operating under the same names. The system netted $120 million in 1999.
PremiereCare, Northwest Health’s local physicians network, which boasts 305 doctors and more than 50,000 customers, will be unaffected, Bradley said.
Triad’s stock hovered around $29 after the announcement. It had reached a 52-week high $34.13 on Monday. More than 7.8 million shares of the stock were traded by 3 p.m.
Bradley referred any further questions about the sale to Quorum and Triad.