Newspaper article THE JOURNAL RECORD

$60 Million Presbyterian Foundation Established / Sale of Hospital Completed

Newspaper article THE JOURNAL RECORD

$60 Million Presbyterian Foundation Established / Sale of Hospital Completed

Article excerpt

The sale of Presbyterian Hospital of Oklahoma City, located at NW 13th St. and Lincoln Blvd., for $125 million to HCA (Hosp ital Corporation of America), headquartered in Nashville, Tenn., was completed Thursday.

Over $60 million of the proceeds from the sale will be used to set up the Presbyterian Health Foundation.

HCA is the largest health care organization in the world, with over 440 hospitals in the United States and in seven foreign countries.

Stanton L. Young, outgoing chairman of the board of Presbyterian Hospital, is now the incoming chairman of the board of Presybterian Health Foundation.

In addition, Harry M. Neer, who had served as president of the 407-bed, 498,380-square-foot hospital, is now HCA-Oklahoma City Division vice president.

The sale agreement was announced by hospital officials last February, and the Indian Nations Presbytery of the United Presbyterian Church (USA) endorsed the acquisition that same month. In July, the Oklahoma Health Planning Commission approved the certificate of need necessary for the sale to be completed.

"HCA has acquired the assets of Presbyterian Hospital for $125 million," Young said. "The proceeds will be used to satisfy the hospital's outstanding obligations and will include the defeasement ofthe $42.7 million in hospital bonds from the Oklahoma Industries Authority.

"The remainder of the money, which will amount to between $63 million and $65 million, will be set up in a foundation for the hospital," Young continued.

Specifically, the interest drawn from the capital in the foundation will be used to finance some major goals hospital officials have planned:

- Medical eduation and research - setting up a program to provide grants for post graduate education in the health sciences field and a visiting scholar program, in which scholars from other institutions throughout the country and the world would be able to take on the responsibilties of a particular research project at the hospital for a given period of time. …

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