SHERMAN, Texas--(BUSINESS WIRE)--Texas Health Resources (Texas Health), the largest health care system in North Texas in terms of patients served, and LHP Hospital Group, Inc. (LHP), have formed a joint venture to acquire Wilson N. Jones Medical Center in Sherman, Texas. Texas Health will own a majority equity interest in the joint venture that owns Texas Health Presbyterian Hospital-WNJ (WNJ) and LHP will manage the operation of the hospital. Texas Health and LHP will share governance of the joint venture which will invest $25 million in capital improvements over the next four years.
“The journey to this partnership has been a long one but it has brought us to a new day for health care for the communities Wilson N. Jones has served for over 96 years. Throughout this process, the dedication of WNJ’s employees, physicians, volunteers, and board members and the support of our new partners, Texas Health and LHP, have been exceptional. The process has reinforced our commitment to quality and compassionate care that WNJ has been known for,” said Gail Utter, chair of the WNJ board of directors. “The name may have changed, but the mission of improving health has not.”
“This partnership will position WNJ to enhance and expand the services that we currently provide,” states Pat Flynn, WNJ president & CEO. “WNJ will also continue to stay current with our technology demands for our community so the hospital continues to attract top-quality physicians and hospital staff.”
“LHP and Texas Health Resources share many common values including a focus on meeting community needs, a commitment to advancing our relationships with physicians and our employees, and a dedication to providing safe, quality care for patients,” said Steve Hanson, senior executive vice president of growth and integration for Texas Health Resources. “Texas Health Presbyterian Hospital –WNJ furthers our long-term strategy to keep pace with the growing population of North Texas. This joint venture is an example of the great things that can happen when health care organizations and community leaders work together to improve the health of the people in the communities we are privileged to serve.”
“The medical staff is very excited about our new partnership with THR and LHP,” said Gary Marlow, MD, WNJ chief of staff. “This relationship will make us a stronger, better hospital as we bring a new level of healthcare to our community.”
Dan Moen, LHP CEO, commented, “LHP is honored to partner with Texas Health Resources, one of the largest faith-based, nonprofit health care systems in the United States. Together, we are committed to continuing the quality care WNJ has delivered for almost 100 years. We will bring the very best resources of both LHP and Texas Health together to create a collaborative hospital environment that includes physicians, employees and the community.” Moen added, “Our unique model of shared governance will give WNJ the resources and support to be a premier health care provider for many years to come.”
About Texas Health Presbyterian Hospital-WNJ
Texas Health Presbyterian Hospital-WNJ (WNJ) is a full-service medical center serving four counties of North Texas and Southern Oklahoma for over 95 years. With 241 licensed beds, over 1,150 employees, and almost 190 affiliated physicians, WNJ’s mission is to provide quality health care in a compassionate environment to those in our communities. For more information on WNJ and its services, go to www.wnj.org.
About Texas Health Resources
Texas Health Resources is one of the largest faith-based, nonprofit health care delivery systems in the United States and the largest in North Texas in terms of patients served. Texas Health’s system of 13 hospitals includes Texas Health Harris Methodist, Texas Health Arlington Memorial, Texas Health Presbyterian, and an organization for medical research and education.
Texas Health is a partner in eight additional hospitals or surgery centers.
Texas Health Physicians Group provides a variety of models for engagement with physicians. Texas Health Partners is a joint venture development and management company owned by Texas Health Resources. Texas Health MedSynergies is a joint venture that offers physicians a range of office management and other business services to support their practices. Texas SingleSource Staffing is a joint venture designed to help Texas Health hospitals improve patient care by recruiting and retaining quality nurses and allied healthcare professionals. For more information about Texas Health Resources, call 1-877-THR-WELL, or visit www.texashealth.org.
About LHP Hospital Group, Inc.
LHP Hospital Group, Inc. (LHP) is a privately held company established to provide essential capital and expertise to not-for-profit hospitals and hospital systems. In cooperation with local hospitals, LHP forms joint ventures to acquire, own, operate and manage acute care facilities in small cities and select urban markets throughout the United States. Headquartered in Plano, Texas, LHP is owned by affiliates of private equity firm CCMP Capital Advisors, LLC and the CPP Investment Board as well as members of management and the board of directors. For more information, please go to www.lhphospitalgroup.com.
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