St. David’s HealthCare to acquire the Heart Hospital of Austin

By Community Impact Newspaper Staff Wednesday, 17 February 2010

AUSTIN — St. David's HealthCare and MedCath Corporation announced an agreement for St. David's to acquire the Heart Hospital of Austin, according to a news release.

St. David's is a multi-hospital regional healthcare system based in Austin. MedCath, the current manager and majority owner of the Heart Hospital of Austin, is based in Charlotte, North Carolina.

“This facility acquisition will complement the already exceptional cardiovascular programs currently operating throughout St. David’s HealthCare,” said Jon M. Foster, president and chief executive officer of St. David’s. “One of the clinical areas St. David’s HealthCare has continued to develop regionally is our cardiovascular service, which is strong thanks to the outstanding care provided by our St. David’s HealthCare-affiliated physicians and staff.”

The acquisition is expected to be finalized upon completion of the normal regulatory approval process.

“The Heart Hospital of Austin has helped distinguish MedCath, epitomizing our model of providing high-quality care in an efficient manner,” said O. Edwin French, MedCath’s president and chief executive officer. “We’re proud of our legacy there, and we wish the new owners much success.”

“The Heart Hospital of Austin has received the No.1-ranking in Texas for cardiovascular services for six consecutive years from HealthGrades, a leading independent health ratings organization,” David Laird, president and chief executive officer of the Heart Hospital of Austin, said. “Joining St. David’s HealthCare allows us to enhance the high-quality care that we have provided our patients for years, further benefitting the community in Austin.”

St. David’s has 24 sites across the region, including six hospitals. St. David's is the fifth-largest private employer in the Austin area, with more than 6,200 employees and $3.1 billion in annual gross revenues. For more information, visit www.st.davids.com.

MedCath is headquartered in Charlotte, N.C., and is a healthcare provider focused on high acuity services with the diagnosis and treatment of cardiovascular disease being a primary service offering. MedCath owns an interest in and operates 10 hospitals with a total of 825 licensed beds, located in Arizona, Arkansas, California, Louisiana, New Mexico, South Dakota and Texas. In addition, MedCath and its subsidiary, MedCath Partners, provide services in diagnostic and therapeutic facilities in various states. For more information, please visit www.medcath.com.

Heart Hospital of Austin is a 58-bed hospital offering a full range of cardiac services and includes a 24-hour full service emergency center.

The hospital resulted from a collaboration among Austin Heart Cardiologists, Cardiothoratic and Vascular Surgeons Group of Austin and MedCath.

The hospital has had the No. 1-ranked heart program in Texas, six years in a row as ranked by HealthGrades. In July 2009, a study funded by the Centers for Medicare and Medicaid Services revealed the Heart Hospital of Austin as the leading hospital in the United States for treatment of a heart attack. For more information, visit www.hearthospitalofaustin.com.