Health Management Associates, Inc. Signs Letter of Intent to Lease Munroe Regional Medical Center
NAPLES, Fla.--(BUSINESS WIRE)-- Health Management Associates, Inc. (NYS: HMA) today announced that it has executed a letter of intent, under which it would enter into a long-term lease with Munroe Regional Medical Center and bring Munroe Regional into Health Management's clinical affiliation with University of Florida Health Shands Hospital.
The letter of intent marks the beginning of the due diligence process between Munroe Regional, Health Management and UF Health Shands Hospital toward a definitive agreement. The three parties expect to execute the definitive agreement by the fourth quarter of 2013, and to complete the new partnership before the end of the year. During this time, the parties will seek all necessary state and local government regulatory approvals.
"We are pleased to be moving this partnership between Munroe Regional, Health Management and UF Health Shands Hospital forward as we focus our efforts toward the growth of Munroe Regional, its medical staff and Marion County and surrounding communities," said Alan Levine, Senior Vice President and Florida Group President for Health Management Associates. "Our partnership will invest in, and build upon, the success and reputation for great care that Munroe Regional's physicians, nurses and other caregivers already provide. By combining the talents of Munroe Regional, the resources of Health Management and the academic strength of UF Health Shands Hospital, the partnership will provide the region the best opportunity to strengthen and improve the health of the community for years to come."
Health Management and its statewide clinical partner, UF Health Shands Hospital, will well position Munroe Regional as it continues to invest in clinical integration. UF Health Shands Hospital and Munroe Regional will develop a clinical affiliation committee composed of physicians to help guide research and clinical relationships that benefit patients, Marion County and surrounding communities.
"We've had a longstanding relationship with Munroe Regional and are excited about the opportunity to strengthen that relationship in partnership with Health Management," said Timothy Goldfarb, CEO of Shands HealthCare.
Under the lease agreement, Health Management will keep Munroe Regional's existing charity care policy, and the hospital will operate under the guidance of a local Board of Trustees consisting of physicians and local community leaders who share a passion for high quality care and service. Further, Munroe Regional will begin paying annual property taxes, and generating funds to support law enforcement, schools and other local community needs.
"After a very thorough review process, we are proud to be moving forward with Health Management and UF Health Shands Hospital - two Florida organizations with excellent track records of service to the communities they operate in," said Jon Kurtz, Chairman of the Marion County Hospital District Board. "UF Health's academic leadership in Florida, combined with Health Management's footprint and experience operating hospitals in Florida's unique environment are coming together with Munroe Regional's legacy of service to create a transformational opportunity for Marion County."
About Munroe Regional Medical Center
Munroe Regional Medical Center is located in Ocala, Florida. Munroe Regional has been serving the residents of Marion County and surrounding communities for 115-years. The medical center has 421 licensed beds, 2,600 associates, 450 physicians and 1,700 volunteers. Munroe Regional admits over 21,000 patients each year, treats over 101,000 in three emergency departments, and sees another 51,000 for other outpatient needs. Munroe Regional's mission is to improve the health of our community by delivering compassionate, innovative care through exceptional people doing extraordinary works. Munroe Regional is located at 1500 SW 1st Ave, Ocala, Florida. Website address is www.MunroeRegional.com. Main telephone number is (352) 351-7200.
About Health Management Associates
Health Management enables America's best local health care by providing the people, processes, capital and expertise necessary for its hospital and physician partners to fulfill their local missions of delivering superior health care services. Health Management, through its subsidiaries, operates 71 hospitals with approximately 11,100 licensed beds in non-urban communities located throughout the United States.
All references to "Health Management," "HMA" or the "Company" used in this release refer to Health Management Associates, Inc. and its affiliates.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "estimates," "projects," "anticipates," "believes," "intends," "plans," "may," "pending," "continues," "should," "could" and other similar words. All statements addressing operating performance, events or developments that Health Management Associates, Inc. expects or anticipates will occur in the future, including but not limited to projections of revenue, provisions for doubtful accounts, income or loss, capital expenditures, debt structure, principal payments on debt, capital structure, the amount and timing of funds under the meaningful use measurement standard of various Healthcare Information Technology incentive programs, other financial items and operating statistics, statements regarding our plans and objectives for future operations, the impact of changes in observation stays, our ability to achieve process efficiencies, factors we believe may have an impact on our deductibles and co-pays, acquisitions, acquisition financing, divestitures, joint ventures, market service development and other transactions, statements of future economic performance, statements regarding our legal proceedings and other loss contingencies (including, but not limited to, the timing and estimated costs of such matters), statements regarding market risk exposures, statements regarding our ability to achieve cost efficiencies and/or reductions, statements regarding the effects and/or interpretations of recently enacted or future health care laws and regulations, statements regarding the potential impact of health care exchanges, statements of the beliefs or assumptions underlying or relating to any of the foregoing statements, and statements that are other than statements of historical fact, are considered to be "forward-looking statements."
Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Health Management Associates, Inc.'s most recent Annual Report on Form 10-K, including under the heading entitled "Risk Factors." Should one or more of these risks or uncertainties materialize, or should any of Health Management Associates, Inc.'s underlying beliefs or assumptions prove incorrect, actual results could vary materially from those currently anticipated. In addition, undue reliance should not be placed on Health Management Associates, Inc.'s forward-looking statements. Except as required by law, Health Management Associates, Inc. disclaims any obligation to update its risk factors or to publicly announce updates to the forward-looking statements contained in this press release to reflect new information, future events or other developments.
Health Management Associates, Inc.
Robert E. Farnham, 239-598-3131
Munroe Regional Medical Center
Ryan Gerds, 352-402-5206
KEYWORDS: United States North America Florida
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