Waukegan,
ILL. (July 5, 2006) -- The transfer in
ownership of two Waukegan hospitals formerly
operated by Vista Health was completed today.
Victory Memorial Hospital and St. Therese
Medical Center – which will now be known
as Vista Medical Center East and Vista Medical
Center West – have been sold to a subsidiary
of Community Health Systems. The sale also
includes Vista Surgery and Treatment Center
in Lindenhurst, now known as Vista Surgery
Center, as well as Vista MRI Institute, Vista
Imaging Center, Vista Physical Medicine Center
and Vista Work Power Center. Collectively,
the facilities will be known as Vista Health
System.
“This
is the beginning of a very exciting chapter
for this part of Lake County,” said Barbara
J. Martin, Vista Health CEO and president.
“Our facilities are important community
resources, and we now have the expertise and
access to capital to change the dynamics of
healthcare delivery in our communities. Western
Lake County deserves the very best, and Vista
Health is positioned to deliver it.”
The
sale provides for the investment of $70 million
in renovations, service enhancements, new
equipment purchases and potential new construction.
Vista Health System will also undertake a
comprehensive physician recruitment and development
program.
Illinois
Attorney General Lisa Madigan announced last
week that proceeds made available by the transaction
– an estimated $50 million – will
be used to establish the Access Health Care
Foundation to fund healthcare and health education
to medically needy residents of northern Lake
County. Additional financial benefit will
be realized as the facilities of Vista Health
become tax-paying businesses.
“This
is truly a win/win scenario,” said Tom
Adams, Vista Health System’s board chair
and Mayor of Green Oaks. “Everyone in
the community benefits from the strengthening
of these facilities. Patients, residents,
physicians, employers, communities …
no one is left behind.”
The
sale of Vista Health has received overwhelming
support from the community. Advocates have
included Waukegan Mayor Richard Hyde, North
Chicago Mayor Leon Rockingham, Lindenhurst
Mayor Jim Betustak, Lake County Board Chair
Suzi Schmidt, Sen. Terry Link, Sen. Susan
Garrett, Sen. Adeline Geo-Karis, Sen. William
E. Peterson, Rep. Eddie Washington, Rep. Kathleen
Ryg, Rep. Karen May, Rep. JoAnn Osmond, Rep.
Ed Sullivan and Rep. Mark Beaubien, and U.S.
Rep. Melissa Bean.
Numerous
other local government officials, business
leaders, police officials, healthcare advocates
and community members have also voiced their
support for Vista Health System.
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