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Boston company buys Franklin-based IASIS Healthcare


Boston company buys Franklin-based IASIS Healthcare

By CLIFF HIGHTOWER

A Franklin-based healthcare company that operates 17 hospitals across five states is being acquired by a Boston company, the Home Page has learned.

W. Carl Whiter, president and CEO of IASIS Healthcare, sent out a letter to employees on Friday morning that the company has entered into an agreement with Boston-based Steward Healthcare.

This morning we announced that IASIS Healthcare has entered into a definitive agreement to be acquired by Steward Healthcare, the operator of 18 community-based hospital campuses in four states,” Whiter wrote.

The acquisition will mean Steward Healthcare, along with IASIS, will have combined assets of 36 hospitals across the country and total revenues of $8 billion.

IASIS was founded in 1998 and has hospitals in Utah, Texas, Florida, Louisiana, Colorado and Arizona.

The combined company grows IASIS’s stature as the largest for-profit, privately-owned hospital operator in the United States,” Whiter wrote.

A press release sent out by by Steward Healthcare stated the acquisition means the company will now employ more than 38,000 workers and manage more than 7,500 patient beds.

Our physician-driven accountable care model focused on keeping patients healthy is transforming the health care industry as this transaction demonstrates,” said Dr. Ralph de la Torre, Chairman and CEO of Steward Health Care. “Our model shows how the industry can successfully shift toward a more cost-effective local, coordinated approach that puts patients first.”

The letter or press release does not address what will happen to the headquarters assets in Franklin, Tenn., which employs approximately 200.

In the near term, and through the closing process it will be business as usual and we do not anticipate changes to our organization outside of the ordinary course of business. At this time, it will be most important that we all continue to do what we do best — operate our hospitals and health plan products with focus and diligence on all fronts,” Whiter wrote.

Cliff Hightower can be reached at cliff.hightower@homepagemediagroup.com or follow him on Twitter @CliffHightower.

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