Nashville-based HCA Holdings Inc. is expanding its presence in Chattanooga by purchasing a 70-bed hospital from Franklin-based Capella Healthcare.
“The addition of Grandview Medical Center will enhance our ability to serve the Chattanooga market and deliver the highest quality patient care possible close to where people live and work,” said Steve Corbeil, president of HCA’s TriStar Division. TriStar is an arm of HCA that contains 16 hospitals and spans Tennessee, South Central Georgia and Kentucky. Capella, in comparison, owns or operates 14 hospitals overall.
HCA, which is the largest for-profit hospital company in the country, did not disclose the cost of the deal. The purchase, pending regulatory approval, should go through in the first quarter of this year.
This acquisition is in line with HCA’s previously-outlined strategy to continue to make targeted acquisitions and to work aggressively to keep costs down across its network, company officials said.
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
Also on Tuesday, HCA previewed its February earnings announcment, and said the results should be better than expected.
As of mid-morning, HCA’s stock is up about 1.2 percent to $51.58 per share.
Date: Jan. 14, 2014