Navigation Links
Memorial Health Services Announces Sale of Anaheim Memorial Medical Center
Date:10/31/2007

ANAHEIM, Calif., Oct. 31 /PRNewswire-USNewswire/ -- Memorial Health Services (MHS), a not-for-profit health care system with hospitals in Los Angeles and Orange Counties, announced today that it has selected Integrated Healthcare Holdings, Inc. (IHHI) to purchase its 224-bed facility in Anaheim.

IHHI, a partially physician-owned publicly traded hospital management company, owns and operates four hospitals in Orange County with a total of 770 beds, 2787 employees and 1725 active physicians. These include Western Medical Center in Santa Ana, Western Medical Center in Anaheim, Coastal Communities Hospital in Santa Ana and Chapman Medical Center in Orange. IHHI has agreed to maintain current levels of hospital services at Anaheim Memorial, as required by the California Attorney General, including the acute care hospital and emergency department. In addition, IHHI has committed to invest capital to improve Anaheim Memorial's infrastructure and technology.

MHS announced in July 2006 that it would be exploring options of a partnership or sale of Anaheim Memorial Medical Center as part of its strategy to meet demands for future growth, new technology and required seismic retrofitting at its other Southern California hospitals, as well as to pursue other strategic opportunities. These hospitals--Long Beach Memorial Medical Center, Miller Children's Hospital in Long Beach, Orange Coast Memorial Medical Center in Fountain Valley and Saddleback Memorial Medical Center in Laguna Hills and in San Clemente--are experiencing sizable increases in numbers of patients served, physician referrals, new programs and services, market share and community growth. These medical centers--serving more than 3 million people--are filling critical community needs as either the area's major tertiary provider; the region's only designated children's hospital; the sole community hospital; or by being located in communities experiencing significant growth.

The current bidding process was led by Citigroup Global Markets, a financial services firm that represented MHS in the process that just concluded. IHHI's bid was the highest of all received, with a total bid of $68,000,000. IHHI is also committing to a capital investment of $28,750,000 into the hospital to benefit the community following the close of the sale.

"Consistent with the goal of maintaining high quality medical services in the Orange County market, MHS developed criteria to assist in the selection of the final bidder," explains Barry Arbuckle, PhD, President and Chief Executive Officer of Memorial Health Services. Criteria included the purchase price for AMMC and associated assets, a commitment to maintain acute care and emergency services, a commitment to maintain the provision of charity care at historic levels, experience in hospital operations, adequate financial resources to purchase and operate the hospital assets, and a commitment to the Anaheim community and hospital campus.

"I'm pleased that IHHI was selected to acquire such a highly regarded institution like Anaheim Memorial Medical Center," says Bruce Mogel, IHHI Chief Executive Officer.

"We will continue to offer patients in Orange County access to quality care that is the hallmark of our other facilities. IHHI plans to hire substantially all of Anaheim Memorial's current employees and work with its medical staff during the transition," adds Larry Anderson, IHHI President. "We intend to improve Anaheim Memorial by adding needed technology and other capital improvements. These include new and upgraded diagnostic imaging services and technology, an electronic medical record system, enhanced and improved operating rooms, a new endovascular surgical suite, better parking facilities and more."

MHS anticipates filing the notice of the sale with the California Attorney General's office before Dec. 1.


'/>"/>
SOURCE Memorial Health Services
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. Tata Memorial Centre Wins Global Award For Fighting Cancer
2. Poor health care in Russia maybe causing Decline in its Population
3. Startling Expose – Physicians Often Have No Regular Source Of Health Car
4. Debate Rages over firing of HIV infected health care workers
5. Want a Healthy brew? Have some Tea!
6. Patient’s perception of health status helps in better recover
7. Antioxidants protect health tissue in people undergoing radiation therapy.
8. Sexual abuse affect health for a lifetime
9. Smoking a greater risk than HIV? Yes say health experts!!!!
10. Healthcare sector is now a multi billion-dollar industry in India
11. Exclusive breast-feeding advised for six months in infants recommends World Health Organization
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/30/2021)... , ... March 29, 2021 , ... ... the 21st Century , A Virtual Workshop Presented by WCG FDAnews and Cerulean ... 4:30 pm EDT, https://wcg.swoogo.com/modern-sop-and-quality-systems , Are one’s SOPs written for the ...
(Date:3/30/2021)... ... March 29, 2021 , ... According to data released ... reproductive age (13-44) in need of publicly funded contraception live in counties impacted by ... Colorado’s 64 counties have lost some of their Title X resources. , The ...
(Date:3/30/2021)... ... March 29, 2021 , ... Health Literacy Innovations (HLI), a ... confusion due to low health literacy today announces a new partnership with the ... work with ACAP’s member Safety Net Health Plans, those that provide comprehensive health ...
(Date:3/30/2021)... ... ... Dr. Colin Campbell is proud to announce the 1 year anniversary in their new state ... internal medicine and is a primary care specialist who has been practicing for 23 years. ... keep South Jersey healthy one patient at a time. , “Over the past year, Dr. ...
(Date:3/30/2021)... ... March 30, 2021 , ... The COVID-19 ... and survivors; their families; and their caregivers. Crossroads4Hope is addressing the needs of ... emotional support system, MyGo2Support, which meets needs of people impacted by cancer, no ...
Breaking Medicine News(10 mins):
(Date:3/30/2021)... ... March 29, 2021 , ... The University of Texas Health Science Center ... San Antonio Multispecialty and Research Hospital, a destination center for research and treatment of ... In a nod to the COVID-19 pandemic, the ceremony was held virtually. , William ...
(Date:3/30/2021)... ... March 29, 2021 , ... Iora Health ... primary care, has partnered with Devoted Health , one of the fastest-growing ... across Maricopa County and provides seniors with the highest-quality care and experience possible, ...
(Date:3/30/2021)... CITY (PRWEB) , ... March 29, 2021 , ... ... has joined the Vaccine Credential Initiative (VCI), a group bringing together leading health ... record of vaccination status, based on open, interoperable standards. By joining the VCI ...
Breaking Medicine Technology: