A real estate investment firm in Alabama has completed its $1.4 billion purchase of 11 IASIS Healthcare hospitals, including five along the Wasatch Front with 3,300 employees.
The acquisition by Birmingham, Ala.-based Medical Properties Trust follows the merger of IASIS into Steward Health Care, a Boston company that says it is now the largest private hospital operator in the country.
The Utah hospitals now owned by Medical Properties Trust and operated by Steward are Salt Lake Regional Medical Center, Jordan Valley medical centers in West Valley City and West Jordan, Davis Hospital and Medical Center in Layton and Mountain Point Medical Center in Lehi. They are among IASIS hospitals in five states being merged into Steward.
“All employees in good standing will continue to have jobs,” said Steward spokesman Jeff Hall.
A subsidiary of the private investment firm Cerberus Capital Management, Steward runs 36 hospitals, 25 urgent care centers and 42 skilled nursing facilities with nearly 37,000 workers in 10 states.
It also employs 1,400 physicians and 4,700 integrated-network physicians and has 7,300 beds under management, a company news release said.
“This merger enables Steward to expand our successful, physician-led model that keeps patients healthy and close to home,” said Steward CEO Ralph de la Torre, noting the expanded company is projecting 2018 revenues of $8 billion.
He said Steward “is committed to strengthening the health and well-being of the Utah communities these hospitals serve through innovative programs.”
Steward’s move into Utah also exposes patients of hospitals here to Health Choice, which provides managed care and health insurance to about 680,000 people.
Outside Utah, the purchase also includes six medical facilities in Texas, four in Arizona and one each in Arkansas, Colorado and Louisiana.