Miami-Area Hospital Sales Result in New Market Leader
Posted on: Monday, 16 April 2007, 09:00 CDT
NASHVILLE, Tenn., April 16 /PRNewswire/ -- HealthLeaders-InterStudy, a leading provider of managed care market intelligence, reports a shift of market leadership positions within the Miami hospital market resulting from hospital sales in the area. According to the latest Miami Market Overview, HCA East Florida Division now holds the market-leading position in terms of inpatient discharges, while previous market leader Tenet Healthcare, is tied for second with two other health systems. Additional market changes could be on the horizon.
"Tenet's decline in inpatient market share can be attributed to its sale of two hospitals in 2006 as well as the dissolution of its partnership in the Cleveland Clinic in Weston," states Margaret Dick, senior market analyst for HealthLeaders-InterStudy and author of the report. "Other area hospital systems are also engaging in facility sales or exploring other possibilities to strengthen their market position."
In December 2006, the South Broward Hospital District acquired Hollywood Medical Center from Tenet Healthcare for $32 million cash, and Jackson Health System acquired Parkway Regional Medical Center from Tenet for $35 million. Each newly owned facility is expected to absorb the overflow of patients and relieve capacity pressures at each of hospital districts' other area facilities. In addition, Tenet lost it majority ownership position in the Cleveland Clinic in Weston when The Cleveland Clinic Foundation decided to exercise its option to buy out Tenet's 51 percent share.
Also in the works is a sale by HCA of its flagship Cedars Medical Center to the University of Miami, which wants to expand its presence in the area. And, the North Broward and South Broward hospital districts are exploring how they might work together, including joint purchasing and a possible merger, as they face with the possibility of losing millions of dollars in federal and state funding.
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For more information, contact: Kelly Morphy HealthLeaders-InterStudy 615-369-4818 kmorphy@healthleaders-interstudy.com
HealthLeaders-InterStudy
CONTACT: Kelly Morphy, of HealthLeaders-InterStudy, +1-615-369-4818,kmorphy@healthleaders-interstudy.com
Web site: http://www.healthleaders-interstudy.com/
Source: PRNewswire
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