Health Management Associates, Inc. Completes Transaction to Launch New
Partnership with Bayfront Health System, St. Petersburg, Florida
NAPLES, Fla. -- April 1, 2013
Health Management Associates, Inc. (NYSE: HMA) today announced that a
subsidiary has completed the transaction to launch a new joint venture
partnership with the 480-bed Bayfront Health System, located in St.
Petersburg, Florida. The transaction is effective as of April 1, 2013.
Through the joint venture, Health Management now owns an 80 percent interest
in Bayfront Medical Center and its related operations, and has introduced a
clinical affiliation with Shands HealthCare, part of UF&Shands, the University
of Florida Academic Health Center. The Bayfront Health, Education and Research
Organization (HERO), an independent not-for-profit created and funded by
proceeds from the new partnership, will retain a 20 percent ownership in
Bayfront. The joint venture is governed by local representatives of Bayfront
and Health Management – and a new, entirely local hospital Board of Trustees
began their service today.
“We are very excited to welcome Bayfront into Health Management’s family of
hospitals,” said Gary D. Newsome, President and Chief Executive Officer of
Health Management. “Bayfront has a rich history of delivering quality care to
their community. With its strong community support, excellent medical staff
and dedicated Associates, we intend to enhance that tradition of high quality
healthcare delivery through innovation and a patient-centered approach.”
Health Management enables America's best local health care by providing the
people, processes, capital and expertise necessary for its hospital and
physician partners to fulfill their local missions of delivering superior
health care services. Health Management, through its subsidiaries, operates 71
hospitals, with approximately 11,100 licensed beds, in non-urban communities
located throughout the United States.
All references to "Health Management" and the “Company” used in this release
refer to Health Management Associates, Inc. and its affiliates.
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements are
subject to risks, uncertainties and assumptions and are identified by words
such as "expects," "estimates," "projects," "anticipates," "believes,"
“intends,” "plans," “may,””pending,” “continues,” “should,” "could" and other
similar words. All statements addressing operating performance, events or
developments that Health Management Associates, Inc. expects or anticipates
will occur in the future, including but not limited to projections of revenue,
provisions for doubtful accounts, income or loss, capital expenditures, debt
structure, principal payments on debt, capital structure, the amount and
timing of funds under the meaningful use measurement standard of various
Healthcare Information Technology incentive programs, other financial items
and operating statistics, statements regarding our plans and objectives for
future operations, acquisitions, acquisition financing, divestitures, joint
ventures, market service development and other transactions, statements of
future economic performance, statements regarding our legal proceedings and
other loss contingencies (including, but not limited to, the timing and
estimated costs of such matters), statements regarding market risk exposures,
statements regarding the effects and/or interpretations of recently enacted or
future health care laws and regulations, statements of the beliefs or
assumptions underlying or relating to any of the foregoing statements, and
statements that are other than statements of historical fact, are considered
to be "forward-looking statements.”
Because they are forward-looking, such statements should be evaluated in light
of important risk factors and uncertainties. These risk factors and
uncertainties are more fully described in Health Management Associates, Inc.'s
most recent Annual Report on Form 10-K, including under the heading entitled
"Risk Factors." Should one or more of these risks or uncertainties
materialize, or should any of Health Management Associates, Inc.'s underlying
beliefs or assumptions prove incorrect, actual results could vary materially
from those currently anticipated. In addition, undue reliance should not be
placed on Health Management Associates, Inc.'s forward-looking statements.
Except as required by law, Health Management Associates, Inc. disclaims any
obligation to update its risk factors or to publicly announce updates to the
forward-looking statements contained in this press release to reflect new
information, future events or other developments.
Health Management Associates, Inc.
John C. Merriwether, 239-598-3131
Vice President of Financial Relations
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