Capella Healthcare, Franklin, Tenn., completed the acquisition of four rural hospitals from HCA, wrapping up a $260 million deal announced in July that included a fifth hospital. Capella was formed in April by four one-time executives of Province Healthcare Co. Capella sold the fifth hospital, North Monroe (La.) Medical Center, to St. Francis Medical Center, Monroe, in October. Financial terms were not disclosed. The remaining hospitals are in Jasper and McMinnville, Tenn.; Lawton, Okla.; and Olympia, Wash.
Separately, the Healthcare Authority of Cullman County (Ala.) assumed full control of 115-bed Cullman Regional Medical Center, completing a deal to purchase the 50% share previously owned by Baptist Health System, Birmingham. Financial terms were not disclosed. Baptist and the authority opened with the hospital in a partnership in 1995. -- by Michael Romano