Tenet Wraps Purchase of 2 Fla. Hospitals

Tenet Healthcare, owner and operator of 113 hospitals in 17 states, completed its purchase of two hospitals Sunday in West Palm Beach, Fla., from closely held Intracoastal Health Systems for $244 million.

Santa Barbara-based Tenet agreed to spend an additional $36 million over the next five years for capital improvements at the hospitals, Good Samaritan Medical Center and St. Mary’s Medical Center, Tenet said. The company said it will run the hospitals with separate management teams and local governing boards.

The hospitals, which employ 3,000, will continue to be run as acute-care facilities for at least 10 years. The hospitals had combined revenue of about $260 million last year. St. Mary’s has 460 licensed beds, and Good Samaritan has 341.

The purchase was announced in March. Mark Bryan, the former vice president of operations for Tenet in Florida, will become chief executive of Good Samaritan. Peter Marmerstein, former CEO at Parkway Regional Medical Center in North Miami Beach, Fla., will lead St. Mary’s.

Tenet shares rose 24 cents to close at $51.60 Friday in New York Stock Exchange trading. They have risen 16% this year.