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Healthcare Business News
 

Brim Healthcare of Texas, medical group acquire hospital


By Jessica Zigmond
Posted: March 4, 2009 - 12:01 am ET
Tags:

This item has been updated to clarify staffing changes at Wadley Regional Medical Center.
Brim Healthcare of Texas and the multispecialty medical group Collom & Carney Clinic Association have purchased Wadley Regional Medical Center in Texarkana, Texas, from Wadley Health Systems, Texarkana, for about $22 million in a deal that closed March 1. Brim and Collom & Carney are also in Texarkana. Brim, an affiliate of Brentwood, Tenn.-based Brim Healthcare, holds an 80% stake in the 150-bed general acute-care medical center, while Collom & Carney owns the remaining interest, according to Karen Griffin, a marketing specialist for Brim.

The company is in the process of involving other physician investors, so the total investment stake for Collom & Carney and these physician owners could eventually be between 20% and 30%, according to Phil Mazzuca, president and chief executive officer of the Brim system. Mazzuca called the acquisition a “game-changer” for the company, which has focused primarily on healthcare management since it was established nearly 40 years ago.

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“It’s an exciting opportunity for us,” Mazzuca said. “We’ll continue to also be focused on the management side,” he said, adding that Brim is considering a few more opportunities to purchase hospitals. “We will continue to pursue an acquisition strategy—we’re looking at two facilities a year,” he said. Brim is not committed to any specific region of the country, according to Mazzuca.

As part of the deal, Brim hired about 700 employees. According to Griffin, the only employees not retained were those who worked at a day-care center that was part of Wadley, as well as a chief nursing officer, foundation director and a hospital attorney. Brim also bought a 25-acre vacant parcel of land for future development of a replacement facility.

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