CHRISTUS Health of Irving, Texas, sold its ownership stake in an Amarillo, Texas, hospital to Ardent Health Services Jan. 3.
Prior to the deal, CHRISTUS had a 50 percent stake in Baptist St. Anthony's; and Baptist Community Services of Amarillo, a 50 percent stake. Ardent bought CHRISTUS' stake for an undisclosed amount and now operates Baptist St. Anthony's under a joint venture arrangement with Baptist Community Services. Ardent now owns 80 percent of the joint venture, and Baptist Community Services, the remainder.
Included in the deal are the 445-bed Baptist St. Anthony's hospital, a cancer center, a provider network, a network of outpatient facilities and interests in three partnership companies. Through subsidiaries, Nashville, Tenn.-based Ardent currently owns 11 hospitals, a health plan, physician groups and a network of pharmacies in Oklahoma and New Mexico.
Ardent plans to invest $125 million over five years in capital projects at Baptist St. Anthony facilities. It has committed to preserve the hospital's name, its Christian religious heritage and to maintain current employees' jobs, benefits and compensation. Ardent said it will continue Baptist St. Anthony's mission, its charity care policies and outreach and advocacy initiatives.
CHRISTUS said it will repurpose the freed investment funds to serve other communities that have greater needs and fewer resources. Linda McClung, CHRISTUS senior vice president and chief administrative officer, said "Our ministry and strategic focus call us to invest in communities where we can offer a full continuum of care that is clearly linked and adjacent to other health care services, so that future patients can benefit from whole, complete care."
Copyright © 2013 by the Catholic Health Association of the United States
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