Press Release: Ardent Health Services
The agreement represents a significant ownership change for BSA. The joint venture will include the 445-bed hospital, the Don & Sybil Harrington Cancer Center, a network of primary care, urgent care, surgical and bariatric clinics, a preferred provider network and BSA's partnership interests in Physicians Surgical Hospitals, ADC Endoscopy, and Advanced Imaging Center. Baptist Community Services and CHRISTUS Health have owned and operated the system since 1996.
"We chose Ardent because of its proven track record in the industry and its commitment to growth and to improving clinical quality and the patient experience," said Steve Dalrymple, president and CEO of Baptist Community Services. "In addition, they are strategically located in markets adjacent to Amarillo, and we see some nice synergies for all these markets to work well together."
Ardent subsidiaries own and operate 11 hospitals, a health plan, two multi-specialty physician groups and 11 retail pharmacies. Its affiliate healthcare operations serve Tulsa, Okla. and surrounding communities and Albuquerque and Roswell, N.M.
"We are honored to serve Amarillo and welcome the BSA Health System into the Ardent family of hospitals and healthcare companies," said David T. Vandewater, president and CEO of Ardent Health Services. "We recognize the exceptional physicians, nurses and staff who provide high quality care and service at BSA, and we are proud to invest in them, into these BSA facilities and into Amarillo and the communities of the Texas panhandle."
As part of the new joint venture, Ardent Health Services will, among other commitments:
A portion of the proceeds of the sale will go to create a $40 million Don and Sybil Harrington Cancer Foundation that will perpetuate the mission of the Harrington Cancer Center and its cancer-related programs, education, research and services.
Ardent will own 80 percent of the joint venture, and Baptist Community Services will own 20 percent. Ardent and Baptist Community Services will each appoint half of the joint venture governing board, which will ensure there will be substantial local governance and representation.
The BSA ownership transition began in December 2011 when CHRISTUS Health announced it would sell its partnership in BSA. Citigroup Global Markets Inc. served as advisor to CHRISTUS, Baptist Community Services and BSA throughout the process, which attracted more than two dozen interested parties, both for-profit and not-for-profit. As the bidders were narrowed, officials of BSA, CHRISTUS and Baptist Community Services conducted reverse due diligence, including visiting the finalists' operations to assure a good fit regarding culture and philosophy.
"We are flattered by the national attention that this transaction has created," said Bob Williams, CEO of BSA. "That is an acknowledgment of BSA's culture of customer service and of the great care that our physicians and staff provide. Our physicians and staff show up every day because of their co-workers and patients. That has not changed. The citizens of Amarillo and our entire service area have come to trust and depend on BSA. That trust and that dedication will transcend this change in our ownership structure. The executive team and I look forward to this new relationship and to maintaining the traditions of BSA and its predecessors. We are proud of our heritage and optimistic about our future."
For CHRISTUS, the new joint venture means it will now focus its efforts on other communities. "While we are saddened to leave the Amarillo community after our sponsoring congregations' 111 year history here, we know the BSA ministry is in good hands," said Ernie Sadau, president and CEO of CHRISTUS Health. "We are proud of all that BSA has achieved during the BCS and CHRISTUS partnership, and firmly believe that the health system will continue to grow to meet the health care needs of the community."
The price and the financial terms of the agreement are not being disclosed.
Today's announcement begins a formal transition of ownership, contingent on the review of appropriate government agencies. Pending regulatory approval, the ownership change is expected to be effective close to the end of the year.
About Baptist Community Services
Baptist Community Services provides an array of high quality residential and rehabilitation services for seniors in Amarillo and Lubbock, anchored by Park Central Retirement Community and The Arbors skilled nursing facility in Amarillo. Through an affiliate, Baptist Community Services also operates the Amarillo Town Clubs, exercise and wellness facilities, and is affiliated with High Plains Christian Ministries Foundation, which works in partnership with Christian organizations to reach others for Christ in Amarillo and around the world. Baptist Community Services (formerly High Plains Baptist Health Systems) and High Plains Christian Ministries Foundation were initiated in 1996 following the merger of High Plains Baptist Hospital and St. Anthony's Hospital.
About Baptist St. Anthony's Health System
Baptist St. Anthony's Health System (BSA) is a comprehensive healthcare system located in Amarillo, Texas, serving the Texas Panhandle and surrounding areas. BSA, the largest healthcare employer in the region, includes a 445-bed hospital, The Don & Sybil Harrington Cancer Center, a network of primary care, urgent care, surgical and bariatric clinics, a preferred provider network, and partnership interests in Physicians Surgical Hospitals, ADC Endoscopy, and Advanced Imaging Center. BSA is nationally acclaimed for its excellent quality, outstanding customer service and advanced technology. During the past year, Thomson Reuters has named BSA to its list of 100 Top U.S. Hospitals and 50 Top Cardiovascular Hospitals. BSA has the longest-tenured healthcare leadership team in the region.
About Ardent Health Services
Ardent Health Services invests in quality health care. In people, technology, facilities and communities, Ardent makes considerable investments – producing high quality care and extraordinary results. Based in Nashville, Tenn., Ardent's subsidiaries own and operate acute care health systems in two markets – Tulsa, Okla. and Albuquerque, N.M. – that include 11 hospitals, a 236,000-member health plan, two multi-specialty physician groups with more than 225 providers and 11 retail pharmacies.
About CHRISTUS Health
CHRISTUS Health, an international Catholic, faith-based, not-for-profit health system, is headquartered in Dallas and is comprised of almost 350 services and facilities, including more than 60 hospitals and long-term care facilities, 175 clinics and outpatient centers and dozens of other health ministries and ventures. CHRISTUS services can be found in over 60 cities in Texas, Arkansas, Iowa, Louisiana, Missouri, New Mexico, Georgia and Mexico. The system employs approximately 30,000 Associates and has more than 9,500 physicians who provide care and support for patients. CHRISTUS Health is jointly sponsored by the Sisters of Charity of the Incarnate Word in Houston and San Antonio, and is listed among the top ten Catholic health systems in the U.S.
Ardent Health Services
Kevin Gwin, 615-804-0884