L.V. Stabler spun to new company
Published 1:46 pm Tuesday, August 4, 2015
Community Health Systems, the parent company of L.V. Stabler Memorial Hospital, announced Monday that it plans to spin off a group of hospitals to form a separate company.
Among the 38 hospitals that will become a part of Quorum Health Corporation is Greenville’s L.V. Stabler Memorial Hospital. The new company will also include Quorum Health Resources, which provides hospital management and consulting services to 150 non-affiliated hospitals across the United States, most of which are located in similar markets as Quorum Health Corporation’s sole provider hospitals.
The transaction is expected to be completed in the first quarter of 2016.
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Of the hospitals making up Quorum Health Corporation most are in cities or counties with populations of 50,000 or less, Community Health Systems said.
In 84 percent of these markets, the hospital is the sole provider of acute care hospital services.
In 2014, The Joint Commission recognized 74 percent of the hospitals that will become part of Quorum Health Corporation as Top Performers in Key Quality Measures.
Last year, the businesses that will make up Quorum Health Corporation generated unaudited net revenue of $2.1 billion.
“This significant transaction will realign our portfolio into two strong and focused companies that can respond to market demands with greater agility and that are better positioned to take advantage of growth opportunities, while creating additional value for our stockholders,” said Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc. “Over the past 30 years, Community Health Systems has evolved from a collection of smaller hospitals into a much more complex and diversified portfolio of hospitals, outpatient services, and healthcare systems across the country. We know how important hospitals are to their communities and recognize that smaller facilities have distinct opportunities and different challenges than those in larger markets, where the majority of our assets are located.”
L.V. Stabler Memorial Hospital CEO Donny Rentfro said he believes the move to the new company is a positive one, and that he doesn’t expect there to be any changes to the administration or staff at the hospital.
“We want members of our community to know that they can continue to expect the same high-quality healthcare services and experience they count on now at L. V. Stabler Memorial Hospital,” said Rentfro. “Care will be provided by the same physicians, nurses and employees that our patients already know and trust. Our name will remain the same and we will continue to participate in the same insurance plans that we accept today. We believe affiliation with a company that is fully focused on the distinct opportunities and challenges of hospitals likes ours will be beneficial for our patients and will position our hospital to successfully serve our community for years to come.”
Quorum Health Corporation will be headquartered in Tennessee and will operate independently with its own board of directors and management team. It will oversee 38 hospitals with a total of 3,635 licensed beds in 16 states.
When the transaction is completed, Community Health Systems will continue to be one of the largest publicly traded hospital companies in the United States, with 160 affiliated hospitals in 22 states, the company said.
“The transaction will facilitate a sharper focus on the hospitals that are retained by Community Health Systems, especially in high-opportunity markets and in areas where we are building regional healthcare networks,” Smith said.
The hospitals that will be part of Quorum Health Corporation are:
Cherokee Medical Center, Centre
DeKalb Regional Medical Center, Fort Payne
L.V. Stabler Memorial Hospital, Greenville
Forrest City Medical Center
Helena Regional Medical Center
Barstow Community Hospital
Watsonville Community Hospital
Trinity Hospital of Augusta
Fannin Regional Hospital, Blue Ridge
Clearview Regional Medical Center, Monroe
Barrow Regional Medical Center, Winder
Union County Hospital, Anna
Metro South Medical Center, Blue Island
Galesburg Cottage Hospital
Gateway Regional Medical Center, Granite City
Heartland Regional Medical Center, Marion
Crossroads Community Hospital, Mt. Vernon
Red Bud Regional Hospital
Vista Medical Center, Waukegan
Vista Medical Center, Waukegan
Kentucky River Medical Center, Jackson
Three Rivers Medical Center, Louisa
Paul B. Hall Regional Medical Center, Paintsville
Mesa View Regional Hospital, Mesquite
Mimbres Memorial Hospital, Deming
Alta Vista Regional Hospital, Las Vegas
Sandhills Regional Medical Center, Hamlet
Martin General Hospital, Williamston
Affinity Medical Center, Massillon
McKenzie-Willamette Medical Center, Springfield
Lock Haven Hospital
Sunbury Community Hospital
Henderson County Community Hospital, Lexington
McKenzie Regional Hospital
Big Bend Regional Medical Center, Alpine
Scenic Mountain Medical Center, Big Spring
Mountain West Medical Center, Tooele
Evanston Regional Hospital