Wednesday, September 26, 2018
Business

Florida Hospital chain to buy Bayfront Health Dade City

Adventist Health System, the parent company of Florida Hospital, announced Tuesday that it plans to buy Bayfront Health Dade City hospital and its related outpatient services.

The deal is expected to close in the first quarter of 2018, which will make it the 11th hospital in the chain to join the West Florida Division of Adventist Health System, according to a press release. Terms of the deal were not disclosed. The transaction is subject to customary regulatory approvals.

"We are excited about the opportunity to offer advanced health care services in Dade City that match the needs of the community and deliver the Florida Hospital brand of inspired, whole-person care," Mike Schultz, president and CEO of the Adventist Health System West Florida Division, said in a statement.

The sale includes the 120-bed hospital at 13100 Fort King Road, some physician clinic operations and outpatient services, the release said.

Community Health Systems, which owns six Bayfront Health hospitals along Florida’s Gulf Coast from Brooksville to Venice, is one of the nation’s largest owners and operators of hospitals, with 137 of them in 21 states. The company has struggled financially in recent years, posting heavy net losses quarter after quarter and has sold dozens of under-performing hospitals from its portfolio. CHS stock also has plummeted over the last three years.

Bayfront Health Dade City has mirrored its owner’s fortunes, holding a reputation as a financially struggling hospital. The current ownership will remain in place until the deal closes next year.

The Florida Hospital chain has been aggressively expanding in the state. Earlier this year Adventist Health System paid $14.5 million for 103 acres along Interstate 4 just west of Florida Polytechnic University with plans to build a freestanding emergency room and a possible 200-bed hospital in the next decade, if demand in the Lakeland region warrants it.

Florida Hospital has more than 25 hospitals and clinics in the Sunshine State, with a number of them clustered around the Tampa Bay region, in the Orlando area and in Daytona Beach. The system employs more than 7,000 physicians and health care professionals in the state. Its parent, Adventist, is one of the nation’s largest health care companies, with 45 hospitals across nine states.

PREVIOUS COVERAGE: Florida Hospital buys 100 acres in Polk to connect Tampa and Orlando hospitals

The purchase of the Dade City hospital will strengthen Florida Hospital’s existing health care systems in both Zephyrhills and Wesley Chapel. The company employs nearly 1,000 people in Wesley Chapel and recently wrapped up a $78 million expansion there.

Contact Justine Griffin at [email protected] or (727) 893-8467. Follow @SunBizGriffin.

Comments
What a Fed rate hike means for you, at any age

What a Fed rate hike means for you, at any age

No matter your age, what the Federal Reserve does to interest rates will most likely affect you.Economists say the central bank is nearly certain to raise what's called the federal funds rate by a quarter of a percentage point Wednesday to a range of...
Updated: 1 hour ago
Tampa Bay Whole Foods can now deliver through Amazon Prime Now

Tampa Bay Whole Foods can now deliver through Amazon Prime Now

Tampa Bay Whole Foods Market shoppers can finally get organic goodies delivered to their homes in a few hours as members of Amazon Prime. Amazon announced today that Whole Foods has added Tampa, nine other metro areas and parts of Seattle and New Yor...
Updated: 3 hours ago
St. Pete is building a $79 million police HQ. The roof is already leaking

St. Pete is building a $79 million police HQ. The roof is already leaking

ST. PETERSBURG — The city’s new $79 million police headquarters which is rising off First Avenue N has hit another snag.This time, it’s a damaged roof.Workers were installing the roof when an issue was discovered with one of the layers, causing it to...
Updated: 11 hours ago
FEMA rolling out new flood zone maps for Tampa Bay counties

FEMA rolling out new flood zone maps for Tampa Bay counties

Thousands of Tampa Bay-area property owners could soon find themselves with new flood zone designations on their homes and businesses.The Federal Emergency Management Agency has completed a years-long study to update flood zone maps in Hillsborough, ...
Updated: 2 hours ago
Rep. Charlie Crist urges federal consumer watchdog to investigate Marlin Financial

Rep. Charlie Crist urges federal consumer watchdog to investigate Marlin Financial

U.S. Rep. Charlie Crist is calling for the federal Consumer Financial Protection Bureau to investigate Marlin Financial, saying he was "disturbed" by a recent Tampa Bay Times’ investigation into the online auto finance company. In a letter Tuesday af...
Published: 09/25/18
Dunkin' to drop Donuts, change name in January

Dunkin' to drop Donuts, change name in January

Dunkin' is dropping the donuts — from its name, anyway.Doughnuts are still on the menu, but the company is renaming itself "Dunkin'" to reflect its increasing emphasis on coffee and other drinks.The change will officially take place ...
Published: 09/25/18
Struggling against Red Tide, a Redington Beach liquor store is too small to qualify for local aid

Struggling against Red Tide, a Redington Beach liquor store is too small to qualify for local aid

REDINGTON BEACH — Mark Wilson hasn’t had a customer for hours.As the only liquor store on his stretch of Pinellas County beaches, Wilson is used to a steady stream of tourists from the nearby condos and hotels. Other beachfront businesses affected by...
Published: 09/25/18
Weight Watchers slims its name down to WW

Weight Watchers slims its name down to WW

Weight Watchers is its dropping its brand name in exchange for something slimmer: "WW." The company says the new logo - coupled with the tagline "Wellness that Works" -- puts an emphasis on overall health and well being, with less...
Published: 09/24/18
Study: Some Tampa Bay neighborhoods among quickest selling in the state

Study: Some Tampa Bay neighborhoods among quickest selling in the state

Tampa Bay sounds like a home seller’s dream market — even compared to other locales statewide. According to a recent study by SmartAsset, four of the top 10 easiest places to sell a home in Florida are in the bay area. Northern Hillsborough County ac...
Published: 09/24/18
Lower demand brings slight dip in gas prices across state, Tampa Bay

Lower demand brings slight dip in gas prices across state, Tampa Bay

Just in time for fall, pump prices are finally declining. Gas prices in Florida averaged $2.72 per gallon Monday, down from $2.74 per gallon a week ago, according to AAA, The Auto Club Group. Tampa Bay prices were even lower at $2.63 per gallon, down...
Published: 09/24/18