Not-for-profit Texas Health Resources, Arlington, has notified Community Health Systems, Franklin, Tenn., that it intends to exercise its option to acquire Communitys 80% interest in Presbyterian Hospital of Denton (Texas), THR said in a written statement. The $160 million hospital was developed by a joint venture of THR and Triad Hospitals, Plano, Texas, that was agreed to in 2003. The hospital opened in 2005. Community acquired its interest in the venture last month when it bought Triad for $6.97 billion. THR has told Community of its intentions, but has not done so in writing and has not exercised the option yet, a THR spokeswoman said.
A Community spokeswoman could not be reached at deadline. Wayne Smith, president, chairman and chief executive officer of Community, said last month that the company would not pursue joint ventures as eagerly as Triad did, especially to build new hospitals. Community remains interested in joint ventures with physicians, Smith said. -- by Vince Galloro