TOMBALL, Texas, Oct. 3, 2011 /PRNewswire/ -- Tomball Hospital Authority (Authority) today announced that it has completed the sale of substantially all of the assets of Tomball Regional Medical Center (TRMC), a nationally recognized provider of comprehensive healthcare services serving the greater Northwest Houston market, to a subsidiary of Community Health Systems, Inc. (CHS) (NYSE: CYH).
"We are excited to begin our next phase with Community Health Systems, a true industry leader in operating community hospitals," said Lynn LeBouef, President and Chief Executive Officer of Tomball Regional Medical Center. "This transaction provides us with all of the programs and benefits that come with being part of a leading, national healthcare organization, while maintaining our tradition of providing high-quality healthcare for residents of Tomball and our surrounding communities. We look forward to the long-term success of our hospital and to serving our community's healthcare needs for many years to come."
A local board of trustees comprised of community leaders and members of the medical staff will be established to help set the strategic direction of the hospital and support continued positive relations with the community.
Sale proceeds will enable payment in full of all outstanding financial obligations of the Authority, and the hospital will convert to taxable status, thereby contributing to a substantial increase in the tax base available to the City of Tomball and Harris County. In addition to the transaction purchase price, the purchase agreement includes commitments from CHS to make capital investments of at least $50 million over five years to enhance clinical programs and improve facilities and medical technology.
Additional benefits of the transaction include commitments to:
- Hire active employees in good standing in their same positions with pay rate and seniority recognized;
- Honor medical staff credentialing and privileges; and
- Continue charity care and support of indigent care in the community.
Navigant Capital Advisors served as financial advisor to Tomball Hospital Authority in this sale transaction. Proskauer Rose LLP served as legal counsel.
About Tomball Regional Medical Center
Recognized for its full continuum of services and remarkable growth over the years, Tomball Regional Medical Center serves a population of 330,000 area residents. TRMC earned a #10 ranking on the U.S. News & World Report Best Hospitals in Houston, Texas list for 2011-12. In addition, HealthGrades ranks TRMC among the:
- Top 5% in the nation for clinical excellence
- Top 5% in the nation for overall pulmonary care
- Top 5% in the nation for emergency services
- Top 5% in the nation for women's services
- Top 10% in the nation for treatment of stroke
- Top 5 hospitals in Texas for overall cardiac care
Through exceptional technology and a talented medical staff, area residents receive a full range of medical services close to home. Services provided include open-heart surgery, neurosurgery, a maternity floor and level III neonatal intensive care unit, inpatient rehabilitation, skilled nursing, and home health care. The 150-acre campus also includes designated specialty centers: the Robert F. Schaper Heart Center, the Texas Wound and Hyperbaric Center, the Texas Sports Medicine Center, and Cancer Treatment Center. To learn more, visit www.tomballhospital.org or call 281-401-7500.
About Community Health Systems, Inc.
Located in the Nashville, Tennessee, suburb of Franklin, Community Health Systems, Inc. is one of the largest publicly-traded hospital companies in the United States and a leading operator of general acute care hospitals in non-urban and mid-size markets throughout the country. Through its subsidiaries, the Company currently owns, leases or operates 132 hospitals in 29 states. Its hospitals offer a broad range of inpatient and surgical services, outpatient treatment and skilled nursing care. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol "CYH."
CONTACT: Abbey Lee, Tomball Regional Medical Center, +1-281-401-7785
SOURCE Tomball Regional Medical Center