St. David's HealthCare Finalizes Acquisition of Heart Hospital of Austin

AUSTIN, Texas, Nov. 1, 2010 /PRNewswire/ -- St. David's HealthCare—a multi-hospital regional healthcare system based in Austin, Texas—announced today that it will finalize its acquisition of Heart Hospital of Austin on November 1, 2010.

"St. David's HealthCare has completed the necessary steps required to move forward with its purchase of Heart Hospital of Austin," Jon M. Foster, president and chief executive officer of St. David's HealthCare, said. "Heart Hospital of Austin has demonstrated that it is one of the top providers of cardiovascular care in the state and nation, and we believe this is a logical extension of St. David's HealthCare's long-standing tradition of excellence in this field."

In 2008, St. David's HealthCare was awarded the Texas Award for Performance Excellence, the highest honor bestowed by the State of Texas based upon world-class quality measures. St. David's HealthCare is also home to the Texas Cardiac Arrhythmia Institute (TCAI) at St. David's Medical Center—one of the world's most comprehensive treatment, training and research centers dedicated to the latest treatment advances for correcting Atrial Fibrillation and other heart rhythm disorders.

St. David's South Austin Medical Center was named one of the nation's Top 100 Hospitals for Cardiovascular Care by Solucient in 2005. In addition, St. David's HealthCare's hospitals are accredited as Certified Chest Pain Centers by the Society of Chest Pain Centers, the nation's premier organization focused on improving care for patients with acute coronary syndromes.

"Blending the resources and medical expertise of Heart Hospital of Austin and St. David's HealthCare is a winning combination," David Laird, president and chief executive officer of Heart Hospital of Austin, said. "We have been providing our patients with high-quality cardiovascular care for many years, and teaming with St. David's HealthCare is a perfect fit for our organization."

Heart Hospital of Austin, a 58-bed hospital, has received the No.1-ranking in Texas for cardiovascular services from HealthGrades—a leading independent health ratings organization—for six consecutive years. Its chest pain center has also recently been accredited by the Society of Chest Pain Centers. This mark of distinction signifies its commitment to exceeding quality-of-care measures in acute cardiac medicine, and recognizes the expertise of its physicians, nurses and other dedicated professionals, as well as the excellence of its treatment protocols.

St. David's HealthCare purchased Heart Hospital of Austin from MedCath Corp.—the former manager and majority owner based in Charlotte, North Carolina—for $83.8 million.

Heart Hospital of Austin will maintain its current leadership. Its 400 medical, technical and support staff members will become employees of St. David's HealthCare.

St. David's HealthCare

With more than 60 sites across Central Texas, St. David's HealthCare includes six of the area's leading hospitals and is one of the largest health systems in Texas. Known for compassionate, high-quality care, the organization has been recognized with the Texas Award for Performance Excellence, the highest honor bestowed by the State of Texas based upon world-class quality measures. Ranked in 2007, 2008 and 2009 as the top Austin-area employer among large companies at the Austin Business Journal's annual "Best Places to Work" event, St. David's HealthCare is the fifth-largest private employer in the Austin area, with more than 6,700 employees. For more information, please visit StDavids.com.

Heart Hospital of Austin

The uniquely designed 58-bed hospital offers a full range of cardiac services and includes a 24-hour full-service emergency center. Heart Hospital of Austin provides comprehensive physician-directed and patient-centered care, resulting in excellent patient outcomes and satisfaction ratings. The hospital is a shared vision of local cardiologists and cardiovascular surgeons. Working with hospital leadership, the physicians created an atmosphere of quality, resulting in the leading cardiac program in Texas for six consecutive years as ranked by HealthGrades®. Heart Hospital of Austin is also a five-time recipient of the Thomson Reuter's 100 Top Hospitals® Cardiovascular Benchmarks Award. In July 2009, a study funded by the Centers for Medicare and Medicaid Services revealed that Heart Hospital of Austin was the leading hospital in the United States for treatment of a heart attack. For more information, please visit www.hearthospitalofaustin.com.

SOURCE St. David's HealthCare