MedCath Corporation Announces 120-Bed General Acute Care Expansion of Louisiana Hospital
Posted on: Thursday, 24 May 2007, 12:00 CDT
CHARLOTTE, N.C., May 24 /PRNewswire-FirstCall/ -- MedCath Corporation and its physician partners announced today a 120-bed general acute care expansion of its hospital located in Lacombe, La. Construction will begin late this summer and will include a new 109,000 square-foot, four-story patient tower containing capacity for 120 private rooms.
To recognize its expanded service capabilities, the hospital, which opened in February 2003, will be renamed the Louisiana Medical Center and Heart Hospital. After expansion, the hospital will contain capacity for 178 private rooms - more than tripling its current bed capacity.
"The impact of Hurricane Katrina to New Orleans and the surrounding area has resulted in tremendous population growth in St. Tammany Parish, our hospital's primary service area," said O. Edwin French, MedCath's president and chief executive officer. "We have talked about the importance of expanding our facilities and diversifying our services while maintaining a strong heart core in key markets as a critical element of our growth. This is an excellent example of that strategy."
"The physician community is excited about the opportunity to expand the hospital's service offering and have the facility and technology necessary to care for more people," said Dr. Jim Smith, an interventional cardiologist and member of the hospital's board of directors. "The quality of our care is exemplified by our recognition as the leading cardiac program in Louisiana by HealthGrades(R), a healthcare ratings organization; being designated as a UnitedHealth Premium cardiac care center; and receiving a national achievement award by the American Heart Association. We look forward to providing this level of service for other disease categories as well."
Construction is expected to be completed in late fall of 2008, with 80 patient rooms being completed initially and capacity for 40 patient rooms being available for future growth. Project cost related to the construction of the patient tower and equipping of the initial 80 patient rooms and service areas will total approximately $33.0 million. MedCath anticipates that total net revenue for Louisiana Medical Center and Heart Hospital will be between $110.0 million and $120.0 million in fiscal year 2010. MedCath's additional investment in the hospital will result in MedCath owning approximately 89.2% of the hospital going forward.
MedCath Corporation, headquartered in Charlotte, N.C., is a healthcare provider focused primarily on the diagnosis and treatment of cardiovascular disease. MedCath focuses on serving the unique needs of patients suffering from cardiovascular disease. MedCath owns interests in and operates eleven hospitals with a total of 667 licensed beds, located in Arizona, Arkansas, California, Louisiana, New Mexico, Ohio, South Dakota, and Texas. In addition, MedCath manages the cardiovascular program at various hospitals operated by other parties. Further, MedCath Partners, LLC provides cardiovascular care services in diagnostic and therapeutic facilities located in various states.
MedCath Corporation
CONTACT: O. Edwin French, President & Chief Executive Officer,+1-704-708-6600, or James E. Harris, Chief Financial Officer, +1-704-708-6600,both of MedCath Corporation
Web site: http://www.medcath.com/
Source: PRNewswire-FirstCall
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