HOUSTON – As various aspects of healthcare reform are implemented in coming years, healthcare industry observers say we should be prepared for more and more merger and acquisition (M&A) activity among hospitals and health systems. On the surface, it looks as if this trend is coming to fruition in Houston, where Franklin, Tenn.-based IASIS Healthcare, a privately held, for-profit system, recently announced that it has entered a definitive agreement to purchase a 78.2 percent interest in St. Joseph Medical Center, a 792-bed facility on the edge of downtown. This M&A transaction, however, differs from others taking place in that St. Joseph, even though it is technically in Chapter 7 bankruptcy, is profitable, with annual net revenue of about $245 million.
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