Newspaper article THE JOURNAL RECORD

Mercy Agrees to Buy Ardmore Hospital

Newspaper article THE JOURNAL RECORD

Mercy Agrees to Buy Ardmore Hospital

Article excerpt

Mercy Health System Oklahoma has agreed to buy Southern Oklahoma Healthcare Corp., parent company of Memorial Hospital of Southern Oklahoma in Ardmore.

The letter of intent mandates finalizing a definitive purchase agreement by June 30, according to Bruce F. Buchanan, president and chief executive officer of Mercy Health System Oklahoma.

"Memorial Hospital is a very impressive institution. The hospital and the medical staff are closely aligned with our approach to the delivery of high quality, efficient and effective care. We also believe our mutual interest in community health is the perfect fit," Buchanan said.

"We are delighted to extend our statewide family to include a southern Oklahoma region," he said.

Mercy Health System Oklahoma was one of three finalists considered for purchase of the hospital by the board of directors of Southern Oklahoma Healthcare Corp.

Sale price of the hospital remains to be negotiated. The hospital's board of directors has announced that proceeds of the sale will be managed by the Southern Oklahoma Memorial Foundation Inc., and be used to fund community projects.

The board announced late in November it would seek a buyer for the 278-bed acute care Memorial Hospital of Southern Oklahoma, which operates north and south campuses in Ardmore and a west campus in Healdton.

Memorial Hospital of Southern Oklahoma employs 866 people and is the largest nonprofit hospital in southern Oklahoma. It has a medical staff of 68 physicians.

"This board is confident, after completing an extensive evaluation process, that we have selected the right organization to secure the future of southern Oklahoma's health care," said Bill Owen, chairman of Memorial Hospital of Southern Oklahoma and its parent company.

"We were actually confident all three finalists, Mercy Health System Oklahoma, Health Management Associates, and Community Health System, could enable Memorial Hospital of Southern Oklahoma to continue successfully in a changing health care environment," he said. …

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