Piedmont Healthcare completed its acquisition of University Health, the not-for-profit Atlanta-area providers said Tuesday.
The 19-hospital not-for-profit regional system has nearly doubled its hospital footprint over the past year after making consecutive deals with University Health and HCA Healthcare. Augusta, Georgia-based University Health includes University Hospital, University Hospital Summerville, University Hospital McDuffie, two skilled nursing and rehabilitation facilities, and a regional network of physician practices and urgent care centers.
Executives described the transaction as an affiliation, with University Health becoming "Piedmont's regional hub for clinical services in the greater Augusta area."
"Piedmont Augusta and Piedmont McDuffie are both well-positioned for growth," James Davis, president and CEO of Piedmont Augusta and Piedmont McDuffie, said in a news release. "Being trusted by Piedmont to serve as their Augusta clinical hub for healthcare is a huge vote of confidence."
Piedmont reported a $423.9 million operating income on $4.57 billion of revenue in 2021, up from $199.5 million of operating income on $3.94 billion of revenue in 2020. It recorded nearly $358 million of non-operating income in 2021, up from around $19 million the year prior. Piedmont received more than $240 million in COVID-19 relief grants over the past two years.
University Health recorded a $11.6 million operating loss on $471 million of revenue through the nine months ended Sept. 30, the most recent data available. That was down from a $5.1 million operating income on $496.6 million of revenue from the same prior-year period. It recorded $35.3 million in non-operating income through the nine months ended Sept. 30.