Kettering Health Network, Dayton, Ohio, now owns a 50% stake in the Medical Center at Elizabeth Place, a physician-owned hospital in Dayton, the parties said, revealing for the first time a deal that was finalized in January.
The financial terms were not disclosed. The Medical Center at Elizabeth Place is a 26-bed multispecialty hospital managed by Regent Surgical Health, Westchester, Ill., which also owns a 5% share. It opened in 2006 on the campus of defunct Franciscan Medical Center. We were struggling, quite frankly, with getting contracts with managed carenot only contracts, but contracts with reasonable reimbursement, Medical Center CEO Alex Rintoul said.
The Medical Center is basically breaking even, though its $13.5 million in 2008 revenue fell short of a $20 million goal, Rintoul said. The Medical Centers five-member board now includes two Kettering executives, along with Regent CEO Thomas Mallon and four of the hospitals approximately 55 physician investors.