Methodist Le Bonheur Healthcare announced today that it has entered into a definitive agreement with Tenet Healthcare to purchase Saint Francis Hospital – Bartlett and Saint Francis Hospital – Memphis. The purchase includes the physician practices associated with both hospitals and six MedPost urgent care centers. This will give Methodist the ability to serve more members of the community.
“Consistent with our mission, the addition of Saint Francis hospitals will increase access to high quality healthcare, expand services and enhance the delivery of care to improve the overall health of the communities we serve,” said Michael Ugwueke, President & CEO of Methodist Le Bonheur Healthcare.
This transaction will deliver tremendous benefits to patients and the communities served by Saint Francis and Methodist Le Bonheur, including:
· Expanded clinical expertise across our system of primary, acute, and specialty care, and increased focus on high quality, efficient care for patients with chronic and complex conditions;
· Acceleration of plans to establish the Methodist Cancer Institute to provide comprehensive care and treatment of cancer;
· Increased investment in medical technologies and innovative approaches to healthcare;
· Developing for policies that improve health outcomes for members of our communities;
· Enhanced ability to provide additional charity care, philanthropic support and healthcare educational programs designed to address the specific needs of the communities we serve.
“We look forward to creating a more dynamic team of physicians, nurses and staff dedicated to delivering compassionate high-quality care to anyone who walks through our doors, regardless of their ability to pay,” said Ugwueke.
“We have the highest respect for Methodist Le Bonheur, and we are pleased that our facilities will become part of this regional system,” said Sally Deitch, CEO of Saint Francis Healthcare. “Like Saint Francis and Tenet, Methodist Le Bonheur promotes a culture of compassion backed by strong core values and a clear commitment to patient-centered care. We believe this combination will provide the communities we serve with an even greater impact on care delivered.”
The transaction is expected to be completed in 2020, subject to regulatory approvals and customary closing conditions. J.P. Morgan served as financial advisor to Methodist Le Bonheur Healthcare in connection with the transaction.
About Methodist Le Bonheur Healthcare
Based in Memphis, Tennessee, Methodist Le Bonheur Healthcare (MLH) has been caring for patients and families regardless of ability to pay for more than 100 years. Guided by roots in the United Methodist Church and founded in 1918 to help meet the growing need for quality healthcare in the greater Memphis area, MLH has grown from one hospital into a comprehensive healthcare system with 13,000 Associates supporting six hospitals, ambulatory surgery centers, outpatient facilities, hospice residence and physician practices serving communities across the Mid-South.