|
NASHVILLE, Tenn.--(BW HealthWire)--March 14, 2001--Renal Care Group, Inc. (Nasdaq/NM:RCGI - news) today announced that the Company has signed a definitive agreement to acquire substantially all of the assets of the outpatient dialysis program of Methodist Healthcare-Memphis Hospitals. The program currently serves approximately 200 patients. Terms of the transaction were not disclosed.
The Methodist Healthcare dialysis program will become part of Renal Care Group's Southeast Region, which is based in Jackson, Mississippi. Following completion of the transaction and development projects underway, Renal Care Group will operate four dialysis centers in the Memphis, Tennessee, metropolitan area through joint venture arrangements with several Memphis nephrologists.
''Renal Care Group was best suited to continue the mission of the hospital to provide exceptional care to the patients in our community with end stage renal disease,'' said Lola Llewellyn, vice president for nursing services of Methodist Healthcare-Memphis Hospitals. ''Methodist looked at Renal Care Group as a premier provider of dialysis services and agreed that our patients and staff would be well served through an affiliation with Renal Care Group.''
Sam Brooks, chairman and chief executive officer of Renal Care Group said, ''In each market, we seek to affiliate with leading providers of healthcare services, and Methodist Healthcare certainly meets that goal. In addition, our relationship with Dr. Nawar Mansour and Dr. Lynn Ebaugh allows us to expand our presence in the Memphis market with the acquisition of the Methodist program and the opening of two de novo dialysis centers. We are pleased to be associated with leaders in care to patients with end stage renal disease in western Tennessee.''
Renal Care Group, Inc. is a dialysis services company that provides care to patients with kidney disease. The Company currently treats approximately 17,000 patients through 200 owned outpatient dialysis facilities, in addition to providing acute dialysis services to more than 112 hospitals. Over 5,000 associates provide services across the Company's 24-state network.
Certain statements in this press release constitute ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management's expectations and are based on currently available information. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Renal Care Group to differ materially from those expressed or implied by the forward-looking statements, including risks related to: integration of acquired businesses; compliance with healthcare and other applicable laws; changes in the Medicare and Medicaid programs; payment reductions by private insurers, hospitals or managed care organizations; and changes in the healthcare delivery, financing or reimbursement systems. These and other factors affecting the Company are discussed in more detail in Renal Care Group's reports filed with the Securities and Exchange Commission, including without limitation, Renal Care Group's annual report on Form 10-K for the year ended December 31, 1999. Copies of these filings are available from Renal Care Group upon request.
Contact:
Renal Care Group, Inc.
R. Dirk Allison, 615/345-5500
|
Press Releases