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Dallas Operator Buying Two West Palm Hospitals

WEST PALM BEACH, FL-Tenet Healthcare Corp. expects to close by June 30 on a deal with locally based Intracoastal Health Systems, a nonprofit group that recently settled a dispute with the state attorney general over a proposed reorganization plan. West Palm Beach is 67 miles north of Miami.

By David R. Corder | Updated on March 23, 2001

WEST PALM BEACH, FL-Intracoastal Health Systems Inc. announced late Thursday evening it signed a letter of intent to sell locally owned St. Mary’s Medical Center and Good Samaritan Medical Center to a subsidiary of Dallas-based Tenet Healthcare Corp.

Although neither group disclosed the purchase price, Tenet Healthcare is expected to settle for a figure at less than the $260 million in annual revenue that Intracoastal produces through St. Mary’s, a 460-bed facility, and Good Samaritan, a 341-bed facility.

It is uncertain whether the transaction includes four physician-office buildings on the St. Mary’s campus or a single physician-office building on the Good Samaritan campus, which Intracoastal Health Systems classifies as assets. Nor is there any indication about the potential impact on the more than 2,000 employees that work at both hospitals.

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