Baptist Memorial Health Care Corp., Memphis, Tenn., plans to sell 35-bed Baptist Memorial Hospital-Lauderdale, Ripley, Tenn., to investor-owned HMC/CAH Consolidated, Kansas City, Mo., according to the company. Terms were not disclosed.
Baptist Memorial to sell Tenn. hospital to HMC/CAH
Larry Arthur, founder, president and CEO of HMC/CAH, said the parties have signed a definitive agreement for the sale. A review of the deal by the Tennessee attorney general's office is one of the steps toward closing the deal, which could occur by the end of February, Arthur said.
HMC/CAH's strategy is to buy critical-access hospitals, then build replacement facilities and operate them, and it intends to follow that strategy in Ripley, Arthur said. The company owns eight hospitals in four states, including two hospitals for which it has built replacements, he said. The company was known as Hospital Management Consulting when Arthur founded it in 2000, and then changed its focus from hospital management to ownership in 2006, he said.
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