ALBUQUERQUE, N.M., May 9, 2011 /PRNewswire/ -- Lovelace Health System, Inc. has signed a definitive agreement to purchase the assets and operations of the Heart Hospital of New Mexico from MedCath Corporation for $119 million.
The 55-bed Heart Hospital in downtown Albuquerque, N.M. will join the Lovelace Health System and become a part of the Lovelace Medical Center. The acquisition is expected to close once all regulatory approvals are obtained.
"We're excited to welcome the Heart Hospital to the Lovelace family," said Ron Stern, president and CEO of the Lovelace Health System. "With heart disease as the leading cause of death in New Mexico, this partnership will bring a full range of cardiology services to more people in Albuquerque and across New Mexico. They'll now have easier access to the Heart Hospital's quality physicians and care."
The addition of the Heart Hospital to the Lovelace system will mean greater access to the Heart Hospital for thousands of members of the Lovelace Health Plan and other plans. The medical staff and nurses of the Heart Hospital have a strong reputation for exceptional clinical quality and high patient satisfaction. The Heart Hospital uses state-of-the-art cardiac technology and has capabilities in other specialties, such as orthopedics, ear, nose and throat and surgery.
For the Heart Hospital, this arrangement will mean increased efficiencies, increased access to capital and additional growth opportunities. Today, the health care reform law restricts the expansion of physician-owned specialty hospitals, such as the Heart Hospital.
In the coming weeks and months, Lovelace leadership will work closely with the physicians of the Heart Hospital to create and implement a smooth transition that will enhance patient services and quality.
The acquisition is another example of investment in Albuquerque and New Mexico by Lovelace's parent company, Ardent Health Services. To date, more than $289 million have been invested into Lovelace's facilities, equipment and people since 2002.
Lovelace Health System comprises a network of acute-care hospitals, a rehabilitation hospital, the Lovelace Health Plan offering access to a wide range of health care providers and specialists across New Mexico, S.E.D. Medical Laboratories, and retail pharmacy locations in Albuquerque, Rio Rancho and Santa Fe.
MedCath Corporation, headquartered in Charlotte, N.C., is a health care provider focused on high acuity services with the diagnosis and treatment of cardiovascular disease being a primary service offering. MedCath owns an interest in and operates six hospitals with a total of 533 licensed beds, located in Arizona, Arkansas, California, Louisiana, New Mexico and Texas.
SOURCE Lovelace Health System, Inc.