There is not much left to Charlotte, N.C.-based MedCath Corp., which is down to its last hospital after selling its ownership stake in 88-bed Harlingen (Texas) Medical Center and HMC Realty to Prime Healthcare Services of Ontario, Calif.
MedCath sells Texas hospital to Prime Healthcare
MedCath has had 12 such deals since March 2010; and the only remaining hospital listed on its website is 47-bed Bakersfield (Calif.) Heart Hospital.
According to a MedCath news release, MedCath had a 34.83% stake in Harlingen Medical Center and 36.06% share of the realty business. The combined value of these interests, according to the release, is $9 million.
Prime is considered Harlingen's "managing partner," and with the acquisition, which closed Nov. 30, the hospital becomes the 13th in the Prime system and its first facility outside of California. A separate entity, Prime Healthcare Services Foundation, owns two not-for-profit hospitals.
On Sept. 22, MedCath shareholders voted to dissolve the company and it is moving quickly to do so. On Sept. 30, it closed on a deal to sell two of its remaining hospitals. On Aug. 1, it announced the completed sale of two others.
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.