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Parties in Los Gatos Hospital Acquisition Agree on Terms Allowing El Camino Hospital an Early Close of Escrow
Date:3/17/2009

Re-opening now scheduled for mid-July; existing medical equipment to be acquired as part of purchase

MOUNTAIN VIEW, Calif., March 17 /PRNewswire/ -- In a presentation to the Los Gatos Town Council last evening, El Camino Hospital officials announced that the property owner, Tenet and El Camino Hospital had signed agreements that will allow an early close of escrow on the Community Hospital of Los Gatos acquisition. The agreements will allow El Camino Hospital to gain access to the hospital April 11 instead of June 1, seven weeks earlier than previously announced. Parties had sought the agreements in order to reduce the time the Los Gatos site would be closed. With a minimum of 90 days from close of escrow needed to prepare the hospital for reopening, El Camino Hospital officials told council members that they are targeting a mid-July opening.

In addition to the land and buildings, El Camino Hospital is acquiring more than 6,600 items of medical equipment that currently exist at Community Hospital of Los Gatos for use when El Camino Hospital begins operations at the Los Gatos location.

The cost of the equipment is included in the total purchase price of all the assets -- land, buildings and equipment.

Many Clinical Services Already Determined

Hospital officials also confirmed some of the services that the Los Gatos location will offer, including acute care services such as emergency, medical, surgical, intensive care and labor and delivery services. Orthopedics and spine services will also be among those offered at the Los Gatos campus.

"We are committed to opening the Los Gatos site as soon as possible and the completion of the purchase will jump-start our activation process," said Eric Pifer, M.D., chief medical officer, El Camino Hospital, and incoming president of the Los Gatos location. "The medical equipment p
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SOURCE El Camino Hospital
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