Doctors Medical Center Acquires Stanislaus Behavioral Health Center
Posted on: Thursday, 1 November 2007, 09:01 CDT
Tenet Healthcare Corporation (NYSE:THC) today announced that a subsidiary has completed the purchase of the assets of Stanislaus Behavioral Health Center, a 67-bed county behavioral health hospital located in Modesto, Calif. It will continue to operate as a department of Doctor's Medical Center of Modesto and will be renamed Doctor's Behavioral Health Center. The approximate purchase price is $10.9 million and is subject to normal post-closing adjustments.
Doctor's Medical Center of Modesto has been working with the Stanislaus County for the past 24 months to complete this deal. The transaction ensures a dedicated mental health facility in Stanislaus County and offers employment to approximately 75 county employees working at the center.
The newly renamed Doctor's Behavioral Health Center provides the only services of its kind in the county. Data show a shortfall, with an additional 60 beds needed to fully meet the needs of the mental health community. With a need for more dedicated behavioral healthcare beds in the area, the center is planning to add two more psychiatrists to the staff and increase its bed count.
Stephen L. Newman, M.D., Tenet's chief operating officer, said, "Through this integrated approach Tenet can provide comprehensive, cost-effective mental health care services to the Modesto area."
Doctor's Medical Center of Modesto expects approximately 3,000 annual acute psychiatric admissions from this transaction.
Tenet Healthcare Corporation, through its subsidiaries, owns and operates acute care hospitals and related health care services. Tenet's hospitals aim to provide the best possible care to every patient who comes through their doors, with a clear focus on quality and service. Tenet can be found on the World Wide Web at www.tenethealth.com.
Some of the statements in this release may constitute forward-looking statements. Such statements are based on our current expectations and could be affected by numerous factors and are subject to various risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended Dec. 31, 2006, our quarterly reports on Form 10-Q and periodic reports on Form 8-K. Do not rely on any forward-looking statement, as we cannot predict or control many of the factors that ultimately may affect our ability to achieve the results estimated. We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.
Source: Business Wire
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