Posted 11/13/2013 10:22 am
Updated 5 months ago
Baptist Health of Little Rock announced Wednesday that it will begin operating the Hot Spring County Medical Center in Malvern on Jan. 1.
The 72-bed hospital will be renamed Baptist Health Medical Center-Hot Spring County, according to a news release from Baptist Health.
The hospital began pursuing a partnership in early 2012 because of looming governmental cuts, Sheila Williams, CEO of Hot Spring County Medical Center, told Arkansas Business in April.
Just from Medicare alone the hospital was facing revenue reductions of $12 million during the next decade, she said. "Our board was trying to be proactive in light of those cuts," Williams said.
For the fiscal year that ended June 30, 2012, the latest figures available to Arkansas Business, the hospital reported net patient revenue of $16.6 million and a net income of $343,721.
For the fiscal year that ended June 30, 2011, its net patient revenue was $17.88 million and it had a net income of $410,951.
"Baptist Health was our board's first choice from the beginning, and we're very pleased the [
The county owns the hospital’s building and the property, and HSC leases the space from the county. Baptist has now entered into a long-term lease agreement with the hospital.
"It’s been more than a year since Hot Spring County Medical Center invited Baptist Health to consider partnership options, and we're excited that the efforts to develop a formal relationship have been successful," Russell Harrington Jr., president and CEO of Baptist Health, said in the news release.
This is the second expansion announcement for Baptist Health this month. It has unveiled plans to build a 100-bed hospital in
The 200,000-SF Baptist Health Medical Center –