Wheaton Franciscan Healthcare, Milwaukee, which owned a minority stake in the Wisconsin Heart Hospital , bought out its physician partners and other investors and took complete control over the 126,000-square-foot facility, officials announced. The four-hospital system, which owned 49% of the for-profit facility located in the suburb of Wauwatosa, purchased the 51% interest that had been controlled by physicians—primarily cardiac specialists—and community investors. Financial terms of the deal were not disclosed. The 3-year-old cardiac hospital will convert to not-for-profit status under the outright ownership by the Catholic health system. A spokeswoman for the hospital said Wheaton Franciscan paid "fair market value" for the 30-bed cardiac facility, which was expected to have posted a profit for the first time in 2006. "Given the current and future declines in federal reimbursement for cardiovascular services, the change in ownership will ensure that this specialty hospital is able to be successful well into the future," John Oliverio, the system’s president and chief executive officer, said in a statement. The Wisconsin Heart Hospital is the only cardiovascular specialty hospital in the Milwaukee area.
Wis. system buys out doc partners
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