Five IASIS Healthcare hospitals along the Wasatch Front are now part of the Steward Health Care network, which said Friday it had completed a $2 billion deal to acquire 18 IASIS hospitals in six states.
The merger involves 3,300 Utah employees of 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.
“All employees in good standing will continue to have jobs,” said Jeff Hall, a spokesman for Boston-based Steward, which says it is now the largest private hospital operator in the country.
“We’re excited to be part of a company that has the same values that we have — of providing quality patient care and strong community partnerships,” said Tammy Clark, Salt Lake Regional Medical Center’s business development director.
A subsidiary of the private investment firm Cerberus Capital Management, Steward has 36 hospitals, 25 urgent care centers, 42 skilled nursing facilities and 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 the state also is likely to increase the exposure of its Health Choice program, which provides managed care and health insurance to about 680,000 people.
The real estate portion of the transaction, worth about $1.4 billion of the total and involving 10 properties, was financed by Medical Properties Trust, a real estate investment trust based in Birmingham, Ala.
Outside Utah, the purchase also includes six medical facilities in Texas, four in Arizona and one each in Arkansas, Colorado and Louisiana.