PARIS, Texas - Essent Healthcare was selected by CHRISTUS Health to purchase its CHRISTUS St. Joseph's Health System in Paris, Texas, officials announced today.
Located in Northeast Texas, just south of the Oklahoma border and 90 miles from Dallas, CHRISTUS St. Joseph's has hospital facilities with a total of 364 beds and 11,000 admissions per year, and four rural health clinics.
"The people of Essent Healthcare are the right partners for the people of Paris and the St. Joseph's Health System," said Thomas C. Royer, M.D., President and CEO of CHRISTUS Health.
"We believe Essent's approach to serving a community, their innate understanding of how a community health system can prosper, and their track record in investing and succeeding in other communities means good things for Paris and for the St. Joseph's system. Many of the board members at CHRISTUS St. Joseph had the opportunity to meet with the leaders at Essent and visit some of their hospitals and were equally impressed with the company and supportive of our decision."
The board of directors of CHRISTUS Health voted Monday night to recommend the asset purchase agreement with Essent Healthcare, which was then approved by the corporate members of CHRISTUS Health, representatives of the system's sponsoring congregations. The purchase price was not disclosed. The transaction is expected to be completed by December 1, 2003, following the receipt of all required external approvals.
"We are honored and delighted to be selected by CHRISTUS Health," said W. Hudson Connery Jr., Essent's Founder, President and CEO.
"We look forward to a smooth transition with CHRISTUS. We expect to continue their efforts to develop St. Joseph's as a great regional medical center for the people of Paris, for Lamar County and for this region of Northeast Texas and Southeast Oklahoma."
In their review of potential new owners of CHRISTUS St. Joseph's, local board members conducted interviews, reviewed documents and traveled to facilities operated by the bidders, including those operated by Essent. Throughout the process they had at least three search criteria in mind: Is the company committed to the local communities it serves; does it have a regional health care strategy, does it have the management expertise to meet the needs of the St. Joseph community?
"When we traveled to Massachusetts to visit hospitals owned by Essent Healthcare, we were impressed with their management of the hospitals, their willingness to invest and commit themselves to the area, and their involvement with the community," said Jo Ann Parkman, local board chair for CHRISTUS St. Joseph's.
Essent Healthcare
Essent Healthcare was founded in 1999 with the mission of acquiring community hospitals and providing them with the financial resources and the expertise they need to grow. Essent hospitals include Merrimack Valley Hospital in Haverhill, Mass., Sharon Hospital in Sharon, Conn., Nashoba Valley Medical Center in Ayer, Mass., and Crossroads Regional Medical Center in Wentzville, Mo.
CHRISTUS St. Joseph's Health System
CHRISTUS St. Joseph's Health System serves more than 150,000 residents in a seven-county area of Northeast Texas and Southeast Oklahoma, offering a wide array of acute care medical services. CHRISTUS Health is one of the largest Catholic health systems in the country, employing more than 25,000 people with total assets of $3.4 billion. Sponsored jointly by the congregations of the Sisters of Charity of the Incarnate Word in Houston and San Antonio, CHRISTUS Health provides services in more than 40 hospitals and long-term care facilities in 70 communities in Texas, Arkansas, Louisiana, Oklahoma, Missouri, as well as in Monterrey and Saltillo, Mexico.
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