Scottsdale Healthcare/Sovereign Healthcare Joint Venture Completes Majority Ownership Transaction With Biltmore Surgical Center
Partnership with Sovereign Healthcare furthers Scottsdale Healthcare's alignment with leading surgeons, expands access to care.
- (1888PressRelease) October 03, 2012 - Scottsdale Healthcare and its joint venture partner, Sovereign Healthcare (Sovereign) have completed a transaction, acquiring majority ownership of Biltmore Surgical Center, an outpatient surgery center in Phoenix located on Highland Avenue and 22nd Street. The transaction allows Scottsdale Healthcare to expand patient access to off-campus outpatient surgery services and strengthen alignment with physicians.
Biltmore Surgical Center opened in late 2010, and Scottsdale Healthcare, through its joint venture with Sovereign, has been a minority partner. By completing this transaction, the Scottsdale Healthcare/Sovereign joint venture will now have three majority-owned outpatient surgery centers, with Biltmore Surgical Center joining North Valley Surgery Center in Scottsdale and Paramount Surgery Center of Mesa, in Mesa. Biltmore Surgical Center will continue to be owned in partnership with almost 25 physician specialists, and when combined with the North Valley and Paramount centers, it means that Scottsdale Healthcare is now in partnership with over 75 leading surgeons and specialists in the market.
This news only further demonstrates Scottsdale Healthcare's commitment to working more closely with community physicians and further developing quality medical care in outpatient settings outside its three hospital campuses, according to Scottsdale Healthcare President & CEO Tom Sadvary.
"Scottsdale Healthcare has a track record of success with strong strategic partnerships and collaborations. This venture illustrates our commitment to partnerships that are focused on achieving the highest quality care and best patient experience," said Sadvary.
"Biltmore Surgical Center has become a very important surgery center for this part of the valley," said Sovereign Healthcare CEO Jeremy Hogue. "At a time where several facilities are closing or cutting back services, Biltmore Surgical Center has grown and become a great place for patients and doctors. The transaction with Scottsdale Healthcare only strengthens what Biltmore Surgical Center will be able to provide, and we at Sovereign are excited to be involved in this pro-physician, pro-community effort."
Biltmore Surgical Center will remain an independent facility separate from Scottsdale Healthcare. No changes are expected in the center's operations or staff. Management will continue to be by Sovereign, which will work with Scottsdale Healthcare to explore potential economies of scale for purchasing and contracting.
About Scottsdale Healthcare:
Celebrating its 50th anniversary in 2012, Scottsdale Healthcare is the community-based, nonprofit parent organization of the Scottsdale Healthcare Osborn Medical Center, Scottsdale Healthcare Shea Medical Center, Scottsdale Healthcare Thompson Peak Hospital, Virginia G. Piper Cancer Center at Scottsdale Healthcare, Scottsdale Healthcare Research Institute and Scottsdale Healthcare Foundation. A leader in medical innovation, talent and technology, Scottsdale Healthcare is based in Scottsdale, Arizona. For more information, visit www.shc.org.
About Sovereign Healthcare:
Sovereign is a leading operator of ambulatory surgery centers in the Southwest U.S., with a focus on Southern California and Arizona. Sovereign partners with physicians, hospitals and health systems and provides hands-on management and strategic leadership. In addition, Sovereign is involved in the management of large physician specialist practices and leads alignment initiatives for those physicians with hospitals and health systems, including service-line co-management programs among others. Sovereign's ability to provide senior-level executive management, strategic guidance and hands-on involvement has resulted in market-leading performance for its affiliated surgery centers and physicians groups. For more information, visit www.sovereignhealthcare.net.
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