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NASHVILLE, Tenn.--(BUSINESS WIRE)--Feb. 10, 1998--Renal Care Group, Inc. (Nasdaq/NM:RCGI - news) today announced that it has completed the formation of a new venture with three providers of dialysis services in Portland, Oregon, and Vancouver, Washington -- Oregon Health Sciences University (OHSU), Legacy Health System, and Comprehensive Kidney Center. The transactions through which the venture was organized were effective February 1. The new venture will provide dialysis services to persons with End Stage Renal Disease in Oregon and Southwest Washington.
Initially, the new venture will operate six dialysis facilities and a home dialysis program serving approximately 700 patients. Medical director services will be provided by Northwest Renal Clinic and the Division of Nephrology at OHSU. Renal Care Group is the majority owner of the new venture and will manage the business operations of the venture.
OHSU is the only academic health sciences institute in Oregon. It is devoted to the education of health professionals, biomedical research, patient care and public service. Portland-based Legacy Health System is an integrated provider of medical services. Made up of four hospitals, primary and occupational medicine clinics and a home healthcare network, Legacy is twice the winner of the prestigious Oregon Quality Award. Its facilities house cancer, heart, laboratory and rehabilitation services, a recently remodeled children's hospital, a Level I trauma center and the Oregon Burn Center. Comprehensive Kidney Center is a provider of peritoneal dialysis services in Oregon and Southwest Washington. Its shareholders are physicians associated with Northwest Renal Clinic and the Division of Nephrology at OHSU.
Mr. Sam A. Brooks, Jr., president and chief executive officer of Renal Care Group, Inc., said, "This collaboration brings together a distinguished group of private practice and academic nephrologists, two hospital systems and a national provider of nephrology services to serve the kidney patients of this area. We are pleased to be the partner of choice for physicians and hospitals committed to the delivery of exceptional patient care."
Renal Care Group, Inc. is a nephrology services company that was founded in June 1995 to focus on the provision of care to patients with kidney disease, including patients suffering from chronic kidney failure. Following this transaction, the Company will provide dialysis and ancillary services to approximately 9,300 patients through 136 owned outpatient dialysis centers in 17 states, in addition to providing acute dialysis services in 74 hospitals.
This press release contains forward-looking statements that involve various risks and uncertainties. Actual results could differ materially from those contained in these forward-looking statements due to certain factors, including business and economic conditions and availability of financing. These and other risks and uncertainties are detailed in the Company's reports filed with the SEC. |
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