Health Management Associates, Inc. Completes Acquisition of Cleveland Clinic Hospital, Naples, Florida
Posted on: Monday, 1 May 2006, 06:00 CDT
NAPLES, Fla., May 1 /PRNewswire-FirstCall/ -- Health Management Associates, Inc. announced today that it has acquired the former Cleveland Clinic hospital and clinic located in Naples, Florida. The transaction is effective May 1, 2006.
"We are very pleased to welcome the Naples, Florida hospital and clinic into HMA's family of hospitals," said Joseph V. Vumbacco, Chief Executive Officer and Vice Chairman of HMA. "The hospital's medical staff has an impressive reputation in the community, and we acknowledge the significant contribution these physicians have made in the development of this hospital. The hospital offers HMA a strategic opportunity to enhance access to health care in Naples, in light of our Collier Regional Medical Center project being constructed in southeastern Collier County. The process of opening up the medical staff has generated considerable interest from physicians who were previously unable to practice at the hospital. We believe that expanding the medical staff will provide patients greater access to high quality health care services in Naples and Collier County, and we are eager to begin serving the health care needs of this growing community."
The hospital has been renamed Physicians Regional Medical Center, and is a fully accredited, general acute-care hospital operating 83 licensed beds. Physicians Regional serves a rapidly growing population base of approximately 300,000 residents, which does not take into account seasonal population increases experienced during the winter months.
As previously reported, Physicians Regional expects to develop and maintain a long-term clinical affiliation with the Cleveland Clinic. "At present, this relationship remains conceptual, and we will be working on the details with the Clinic very soon," added Vumbacco. "The affiliation could include an electronic medical record system, participation in Cleveland Clinic sponsored research, and a specialized transfer relationship for patients with highly complex medical needs or rare disease management conditions. The goal of the affiliation is to continue to provide the residents and physicians in Naples with access to the research and expertise for which the Cleveland Clinic is so widely recognized and lauded."
HMA owns and operates general acute care hospitals in non-urban communities located throughout the United States. Upon completion of the previously announced transaction to acquire the 189-bed Gulf Coast Medical Center, HMA will operate 62 hospitals in 16 states with approximately 8,817 licensed beds.
All references to "HMA" or the "Company used in this release refers to Health Management Associates, Inc. or its affiliates.
Certain statements contained in this release, including, without limitation, statements containing the words "believes,""anticipates,""intends,""expects," and words of similar import, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may include projections of revenue, income or loss, capital expenditures, capital structure, or other financial items, statements regarding the plans and objectives of management for future operations, statements of future economic performance, statements of the assumptions underlying or relating to any of the foregoing statements, and other statements which are other than statements of historical fact.
Statements made throughout this release are based on current estimates of future events, and HMA has no obligation to update or correct these estimates. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially as a result of these various factors.
Photo: http://www.newscom.com/cgi-bin/prnh/20030418/HMALOGO
Health Management Associates, Inc.
CONTACT: John C. Merriwether, Vice President of Financial Relations ofHealth Management Associates, Inc., +1-239-598-3104; or Eileen Sheil ofCleveland Clinic, +1-216-444-8927
Source: PRNewswire-FirstCall
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