June 17, 2021 – Steward Health Care System, LLC (Dallas, TX) and Tenet Healthcare Corporation (Dallas, TX) announced they have signed a definitive agreement for Steward to purchase five hospitals and their associated physician practices in Miami-Dade and Southern Broward counties for approximately $1.1 billion.
The hospitals included in the sale are Coral Gables Hospital, Florida Medical Center, Hialeah Hospital, North Shore Medical Center and Palmetto General Hospital.
The agreement also provides that Tenet’s Conifer Health Solutions subsidiary will continue to provide revenue cycle management services to the five hospitals following completion of the transaction.
Tenet’s ambulatory facilities operated by United Surgical Partners International (USPI) in these markets will remain with Tenet and are not included in the transaction.
The transaction is Steward’s first acquisition since finalizing full physician control and leadership of the organization in the summer of 2020.
Steward’s operations will be directed by Sanjay Shetty, MD, president of Steward North America. Under Dr. Shetty, Steward Health Care is committed to offering employment to all hospital employees in good standing when the transaction is complete, with privileges continuing for all physicians in good standing on the medical staff.
This acquisition will more than double Steward’s presence in Florida and bring it’s total hospital count to 44 worldwide.
The transaction is anticipated to close in the third quarter of 2021, subject to regulatory approvals and customary closing conditions.