Acquisition by Novant Health of Tenet
hospitals and affiliated operations will bring expanded access to
high-quality care in South
Carolina
WINSTON-SALEM, N.C., Nov. 17,
2023 /PRNewswire/ -- Novant Health and Tenet
Healthcare Corporation (NYSE: THC) today announced that they have
signed a definitive agreement regarding the acquisition by Novant
Health of three Tenet hospitals and affiliated operations in
South Carolina.
Under the terms of the agreement, Novant Health will purchase
three hospitals, as well as associated physician practices and
other related hospital operations from Tenet for approximately
$2.4 billion. The transaction
includes Hilton Head Hospital in Beaufort
County, Coastal Carolina Hospital in Jasper County, and East Cooper Medical Center
in Charleston County.
"We're excited about making this long-term investment for
healthcare across our region," said Carl S.
Armato, President and CEO, Novant Health. "As a health
system rooted in the Carolinas, we are committed to expanding the
communities we serve across our regional delivery network known for
safe, quality, patient-centered care in South Carolina. Across the region – from
Wilmington to Conway and Myrtle
Beach, and now Charleston,
Hilton Head, and Hardeeville – Novant Health is uniquely
positioned to provide compassionate, expert, affordable, and
personalized care that is easy to access and understand. This
investment is the next phase of a long-term vision to improve the
health and wellness of communities across South Carolina."
Novant Health is an integrated health system of physician
practices, hospitals, outpatient centers, and more – each component
delivering a remarkable healthcare experience for patients by
offering world-class technology, personal connections, and easy
access to patient focused care. The health system currently cares
for South Carolina patients in the
Conway communities through Novant
Health's recently established partnership with Conway Medical
Center. Novant Health has also long served South Carolinians with
high-quality imaging care in the Upstate, Midlands, Pee Dee, and Lowcountry areas
through its imaging company, MedQuest Associates.
Novant Health continues to set the highest standards for safety
and quality in the communities it serves and was recently
recognized with the most 'As' for patient safety in North Carolina from The Leapfrog Group.
Additionally, five Novant Health ambulatory surgery centers (ASCs)
have been named a "Best Ambulatory Surgery Center," by Money,
formerly known as Money Magazine, in partnership with The Leapfrog
Group.
"I am pleased to be in a partnership with Novant Health, whom
we've admired for their innovative approach to patient-centric
healthcare," said Saum Sutaria,
M.D., Chairman and CEO, Tenet Healthcare. "Our three hospitals on
the coast of South Carolina will
become part of their network of care, bringing benefits for
generations to come. Working together, we'll work to ensure
seamless continuity of care for patients, improve revenue cycle
services, and enhance access to surgical procedures in convenient
and safe outpatient settings. We appreciate the vision of their
leadership to create a foundation of collaboration that will
utilize each parties' skills for the betterment of the communities
we serve."
The agreement also stipulates that Tenet's Conifer Health
Solutions subsidiary will provide expanded revenue cycle management
services to the three hospitals following completion of the
transaction.
The transaction is expected to be completed early next year,
subject to customary regulatory approvals, clearances, and closing
conditions. RBC Capital Markets served as financial advisor to
Novant Health. Once complete, Novant Health will work with team
members, medical staff, and other stakeholders to continue
delivering quality care close to home.
About Novant Health
Novant Health is an integrated network of hospitals, physician
clinics and outpatient facilities that delivers a seamless and
convenient healthcare experience to communities in North Carolina and South Carolina. The Novant Health network
consists of more than 1,900 physicians and over 36,000 team members
who provide care at more than 800 locations, including 16 hospitals
and hundreds of outpatient facilities and physician clinics. In
2022, Novant Health provided more than $1.5
billion in community benefit, including financial assistance
and services.
For more information, visit NovantHealth.org. Follow Novant
Health on Facebook, Instagram, X and LinkedIn.
About Tenet Healthcare
Tenet Healthcare Corporation (NYSE: THC) is a diversified
healthcare services company headquartered in Dallas. Our care delivery network includes
United Surgical Partners International, the largest ambulatory
platform in the country, which operates or has ownership interests
in more than 480 ambulatory surgery centers and surgical hospitals.
We also operate 61 acute care and specialty hospitals,
approximately 110 other outpatient facilities, a network of leading
employed physicians and a global business center in Manila, Philippines. Our Conifer Health
Solutions subsidiary provides revenue cycle management and
value-based care services to hospitals, health systems, physician
practices, employers, and other clients. Across the Tenet
enterprise, we are united by our mission to deliver quality,
compassionate care in the communities we serve. For more
information, please visit www.tenethealth.com.
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SOURCE Novant Health