Methodist Health System announced today the purchase of the hospital facilities currently owned by Richardson Hospital Authority (RHA) effective October 1, 2011. The facilities had been operated by Methodist through its affiliate, MHSR Medical Center, under the terms of a lease entered into with RHA in June of 2009. The lease contained provisions to convert the lease transaction into an acquisition transaction which the parties consummated effective October 1.
Methodist President & CEO Stephen L. Mansfield,
PhD, FACHE, and Richardson Hospital Authority
Board Chairman Bernard DiFiore, celebrating
the integration of RHA and Methodist.
"We are proud to officially welcome Methodist Richardson Medical Center to the Methodist Health System family," said Methodist Health System President and CEO Dr. Stephen L. Mansfield. "The past two years of performance at Methodist Richardson have been very good and I believe our two organizations will accomplish substantial synergy by working together. This relationship clearly strengthens the Methodist mission and vision for the future and will allow us to further enhance health care for the citizens of Richardson and the surrounding region."
Methodist Richardson, which began as a community-owned hospital in 1966, has two medical campuses – the Campbell and Bush/Renner campuses. The Bush/Renner campus is located at President George Bush Turnpike and Renner Road and is designed to serve the fast growing communities of Wylie, Sachse, Murphy, and surrounding areas. The Campbell campus includes the main hospital and two medical plazas. The main hospital is staffed by 715 physicians in over 35 different specialties.
Since the partnership began in 2009, Methodist Richardson expanded clinical services available to the community in several areas including the addition of a cardiac catheterization lab, a da Vinci Robotic® Surgery System, and new advanced equipment in the Cancer Center to offer partial breast radiation. Another addition includes a $3.4 million investment in converting medical records to an electronic system, MEDITECH.
"The partnership we've shared with Methodist Health System over the last two years has strengthened our organization by giving us the ability to expand clinical programs and services, as well as support medical staff development and provide operational efficiencies, said RHA Board Chair Bernard DiFiore. "This acquisition allows for the acceleration of the expansion at the Bush/Renner campus which will advance and dramatically improve health care in this region."
MHSR Medical Center has assumed all of the rights, duties, and obligations of RHA under and pursuant to RHA's bond indenture, provided that RHA has not been released from its payment obligations on the Richardson Hospital Authority Hospital Revenue Refunding and Improvement Bonds (Richardson Regional Medical Center Project) Series 2004. MHSR Medical Center has agreed to make all payments on such bonds when due.
For more information about Methodist Richardson Medical Center, visit www.methodisthealthsystem.org/Richardson.
About Methodist Health System
Guided by the founding principles of life, learning, and compassion, Methodist Health System (Methodist) provides quality, integrated care to improve and save the lives of individuals and families throughout North Texas. Methodist Dallas Medical Center, Methodist Charlton Medical Center, Methodist Mansfield Medical Center, Methodist Richardson Medical Center, Methodist Midlothian Health Center, and Methodist Family Health Centers are part of the nonprofit Methodist Health System, which is affiliated by covenant with the North Texas Conference of The United Methodist Church. Additional information is available at www.methodisthealthsystem.org. Connect with them through Facebook, YouTube and Twitter at www.methodisthealthsystem.org/socialmedia.
Methodist Health System
Texas law prohibits hospitals from practicing medicine. The physicians on the Methodist Health System medical staff are independent practitioners who are not employees or agents of Methodist Health System.