Lovelace Seeks to Acquire Roswell Regional Hospital
Acquisition will bring expansion, new services and new physicians
Albuquerque, N.M.(Jan. 13, 2012) – Lovelace Health System, Inc. has signed a letter of intent to purchase the assets and operations of Roswell Regional Hospital in Roswell, N.M. Lovelace is seeking to buy the 26-bed hospital and its Family Care Clinic from New Mexico Surgical Hospital LLC and Physicians Real Estate Development Co. for an undisclosed price.
This will be the second acquisition for Lovelace in less than six months. Lovelace completed the purchase of the Heart Hospital of New Mexico in Albuquerque, N.M. in August.
“We’re excited to expand to southeastern New Mexico,” said Ron Stern, president and CEO of Lovelace Health System. “After we finalize this transaction, we’ll immediately begin to study the needs of this community and make plans to expand the hospital and add new services, new technology, new equipment, new physicians and new jobs.”
More than 30,000 Lovelace Health Plan members live in Roswell, Chaves County and surrounding communities. A stable, growing hospital that continues to provide high-quality care and excellent customer service will benefit those members and the community as a whole.
“It makes sense for us to have a greater presence in this part of the state, close to our health plan members and those from Blue Cross Blue Shield, Molina and CIGNA, with the ability to serve other patients as well,” said Stern.
Lovelace will begin its due diligence to acquire Roswell Regional Hospital immediately and will begin to work closely with the founding physicians of the hospital to create and implement a transition plan that will enhance patient services. The transaction is expected to close after receiving the normal regulatory and licensing approvals.
This acquisition is another example of investment in New Mexico by Lovelace’s parent company, Ardent Health Services. Since 2002, nearly $300 million has been invested into Lovelace’s facilities, equipment and people.
Lovelace Health System comprises a network of acute-care hospitals, a rehabilitation hospital, the Lovelace Health Plan – offering access to a wide range of health care providers and specialists across New Mexico – and retail pharmacy locations in Albuquerque, Rio Rancho and Santa Fe.
Contact: Laurie Volkin
Lovelace Health System