TENET HEALTHCARE: Acquires Sharp HealthCare’s Murrieta Hospital
Tenet Healthcare Corp. announced last week that it has acquired Sharp HealthCare's Murrieta hospital for $23 million, renaming the facility the Rancho Springs Medical Center. Located in southwest Riverside County, the 99-bed acute care/skilled nursing facility had net patient revenues of $35 million last year. Under the deal, Tenet will establish a new, 12-member governing board with half the members from the existing Sharp board and the other half from the community. Tenet has also agreed to continue Sharp's charity care policies. The deal will allow the Murrieta facility to enjoy Tenet's group purchasing power, managed care contracting and financial resources. "Tenet's goal is to build a premier integrated health care delivery system for the people of Murrieta, Temecula, Wildomar, Lake Elsinore and surrounding areas," said Neil Sorrentino, senior vice president of operations and CEO of Tenet's Southern California region. Joan Sparkman, one of the founding members of Murrieta's Community Board, said, "The board is happy to have the sale completed and is looking forward to the future with Tenet. The community and the hospital will benefit from Tenet's resources and commitments" (release, 12/18).This is part of the California Healthline Daily Edition, a summary of health policy coverage from major news organizations. Sign up for an email subscription.