RALEIGH, N.C.—Rex Healthcare, a 658-bed hospital, launched Rex Strategic Innovations, a newly formed initiative that includes a venture-capital investment fund and a grant program aimed at improving quality and population health. The investment fund, known as Rex Health Ventures, kicked off with $10 million from Rex Healthcare in initial funds for startups, according to a hospital news release. Rex Healthcare said the initiative will bolster research and development, create jobs and improve care in the community. “In some cases, Rex will serve as an incubator or laboratory for new concepts and as a customer for new products and services,” according to the release. “For healthcare practitioners, Rex Health Ventures will provide the opportunity to consult and play an active role in bringing new advances in medical care to patients.” Rex Strategic Innovations' leadership includes Rex Healthcare President David Strong; Steve Burris, Rex Healthcare's chief operating officer; and Don Esposito, the hospital's general counsel.
Regional News/South: Rex Healthcare launches Rex Strategic Innovations, and other news
SHAWNEE, Okla.—SSM Health Care, St. Louis, signed an agreement to acquire 131-bed Unity Health Center and rename the facility. The deal is expected to be finalized June 30, at which point the facility will operate as St. Anthony Shawnee Hospital, officials said in a news release. Financial terms weren't disclosed. Community Health Partners, an SSM affiliate, currently owns the hospital, which is part of the SSM Health Care of Oklahoma network. “Ten years ago, we created a relationship with SSM that brought the two hospitals together and helped us evolve into the exceptional organization we are today,” Chuck Skillings, Unity's president and CEO, said in the release. “By joining SSM, our opportunities to expand and enhance services will be even greater, thereby securing the future of healthcare in our community for years to come.” SSM also owns 499-bed St. Anthony Hospital in Oklahoma City and counts more than 20 affiliates in its Oklahoma division.
PANAMA CITY, Fla.—Sacred Heart Health System, Pensacola, Fla., formed a joint venture with LHP Hospital Group, Plano, Texas, that will lease and operate Bay Medical Center and relieve it of its debt obligations. The $154 million agreement includes a 40-year lease and asset purchase agreement, according to information on Bay Medical's website. The deal will allow the 286-bed Panama City hospital to retire all of its $115 million debt and still follow its charity-care policy, according to a news release. Sacred Heart and LHP will have equal representation on the joint venture's governing board, and day-to-day operations of the hospital will be overseen by a board of trustees composed of physicians and community leaders. “This agreement is providing the best possible solution to aid Bay Medical financially, while still allowing us to provide the necessary charity care to the community and preserving our roots as our community's hospital,” Steven Johnson, Bay Medical president and CEO, said in a statement. Johnson added in the statement that the hospital's first priority under the joint venture will be to make improvements in the emergency department and to work with physicians to create a strategic business plan.
DALLAS—University of Texas Southwestern Medical Center announced that it would name its under-construction University Hospital after William Clements Jr., a former Texas governor and a 2009 donor of $100 million to the Southwestern Medical Foundation. Now called the William P. Clements Jr. University Hospital, the $800 million, 460-bed hospital is scheduled to open in 2014 and will replace the St. Paul University Hospital, according to a news release. Clements, who made his fortune in the oil industry, died in May. “Governor Clements' only instruction when he made this remarkable gift more than two years ago was that it be used for something that would have a transformational impact on UT Southwestern,” said Dr. Daniel Podolsky, president of UT Southwestern. “We were deeply honored by his confidence and are now pleased and proud to name our new hospital in commemoration of a true Texas giant, certain that it will have the transformational effect he envisioned. The medical center release also noted that it has received 30 additional gifts for the hospital totaling $73 million. In January, UT Southwestern named Dr. John Warner as CEO for UT Southwestern Hospitals.
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