An osteopathic hospital north of St. Louis that closed in April 1993 might open its doors again thanks, in part, to a MODERN HEALTHCARE article.
The story (July 25, p. 40) about efforts to revive the shuttered hospital drew a Houston-based investment firm, Styles & Styles, to suburban Normandy, Mo. Principals liked what they saw.
Osteopathic physicians practicing in the community had bought the facility from Deaconess Health System for $1 million. To realize their dream of an osteopathic teaching hospital, however, they needed investors to take over the mortgage and transform the building into a modern hospital.
"I saw the article and was intrigued," said John Styles Jr., one investor. "These doctors actually put up their own money. When we met them, we didn't believe it. We said, `The price can't be right, these guys can't be this busy, and they can't be this nice.'*"
Last month, Styles & Styles agreed to buy the facility for $1.2 million if Missouri approves its rebirth as a 130-bed, for-profit hospital. A meeting on their certificate-of-need application for an $8 million project is set for January. The company plans to form a limited partnership with physicians.
Its principals are linked to Mid-America Health Care Group, which runs four Houston-area hospitals. Local healthcare executives have reported that the financially troubled hospitals are for sale. But Mr. Styles declined to comment on the status of those facilities.
Mr. Styles, 32, is chief executive officer of two of the hospitals. He formed Styles & Styles last year to invest in other healthcare ventures.
"Being young and aggressive, it was something I wanted to take on," he said. "What I want to do is open up this hospital, provide a service to the community and make some money."