St. David's HealthCare to Acquire the Heart Hospital of Austin

AUSTIN, Texas, Feb. 17 /PRNewswire/ -- St. David's HealthCare and MedCath Corporation today announced an agreement for St. David's HealthCare to acquire the Heart Hospital of Austin. St. David's HealthCare is a multi-hospital regional healthcare system based in Austin, Texas. MedCath, the current manager and majority owner of the Heart Hospital of Austin, is based in Charlotte, North Carolina.

"This facility acquisition will complement the already exceptional cardiovascular programs currently operating throughout St. David's HealthCare," said Jon M. Foster, president and chief executive officer of St. David's HealthCare. "One of the clinical areas St. David's HealthCare has continued to develop regionally is our cardiovascular service, which is strong thanks to the outstanding care provided by our St. David's HealthCare-affiliated physicians and staff."

The acquisition is expected to be finalized upon completion of the normal regulatory approval process.

"The Heart Hospital of Austin has helped distinguish MedCath, epitomizing our model of providing high-quality care in an efficient manner," said O. Edwin French, MedCath's president and chief executive officer. "We're proud of our legacy there, and we wish the new owners much success."

"The Heart Hospital of Austin has received the No. 1-ranking in Texas for cardiovascular services for six consecutive years from HealthGrades, a leading independent health ratings organization," David Laird, president and chief executive officer of the Heart Hospital of Austin, said. "Joining St. David's HealthCare allows us to enhance the high-quality care that we have provided our patients for years, further benefitting the community in Austin."

St. David's HealthCare

With a total of 24 sites across the region, 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 6,200 employees and $3.1 billion in annual gross revenues. For more information, please visit StDavids.com.

MedCath Corporation

MedCath Corporation, headquartered in Charlotte, N.C., is a healthcare 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 10 hospitals with a total of 825 licensed beds, located in Arizona, Arkansas, California, Louisiana, New Mexico, South Dakota and Texas. In addition, MedCath and its subsidiary, MedCath Partners, provide services in diagnostic and therapeutic facilities in various states. For more information, please visit MedCath.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 resulted from the shared vision of Austin Heart Cardiologists, Cardiothoracic and Vascular Surgeons Group of Austin and MedCath Corporation. Working with hospital leadership, the groups created an atmosphere of quality resulting in the No. 1-ranked heart program in Texas, six years in a row as ranked by HealthGrades. In July 2009, a study funded by the Centers for Medicare and Medicaid Services revealed the Heart Hospital of Austin as the leading hospital in the United States for treatment of a heart attack. For more information, please visit hearthospitalofaustin.com.

SOURCE St. David's HealthCare