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Tenet buys Two Hospitals for $244 Mil

WEST PALM BEACH, FL-The California-based health services company paid locally based Intracoast Health Systems Inc. $304,619 per bed for the 801 beds in the two facilities. Tenet plans to invest another $36 million over five years in capital improvements. West Palm Beach is 67 miles north of Downtown Miami.

By David R. Corder | Updated on July 02, 2001

WEST PALM BEACH, FL-Tenet Healthcare Corp. paid $244 million or $304,619 per bed for 801 beds at two local hospitals purchased from locally based Intracoastal Health Systems Inc.

In a prepared statement, Tenet says it is now South Florida’s largest private hospital operator, owning 13 acute-care facilities in the three-county region, including five in Palm Beach County. The two acquired properties produce $260 million in estimated annual net revenue.

The Santa Barbara, CA-based health services company intends to invest at least $36 million over the next five years in capital improvements at St. Mary’s Medical Center, a 460-bed facility, and Good Samaritan Medical Center, a 341-bed facility.

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