Texas Health Resources is expected to take ownership of the Forest Park Medical Center in Fort Worth as soon as the bankruptcy judge approves the agreement. That should happen this week. Arlington-based Texas Health is purchasing the hospital located in Fort Worth’s Clearfork development for $116.5 million. The 54-bed hospital, along with an 80,000 square foot medical office building and parking garage was purchased out of bankruptcy court.
On May 12, an auction was held to sell the Fort Worth hospital and medical office real estate and Texas Health Resources was the winning bidder, according to Sabra Health Care REIT Inc., owner of the hospital. The other major bidder for the hospital, located in the Clearfork development in southwest Fort Worth, was Methodist Health Systems, based in Dallas, which owns the Mansfield Methodist Medical Center, according to bankruptcy filings and sources familiar with the case. Methodist last month acquired the Forest Park Medical Center – Southlake.
The high-end Forest Park Medical Center concept was designed to attract a well-heeled clientele attracted by the tony feel of the hospitals with natural lighting, resort décor and private rooms.
Sabra Health Care REIT Inc., which eventually invested $284.4 million in the hospitals in Southlake, Fort Worth, Dallas and Frisco, said they faltered because the hospitals focused on private insurance patients and eschewed – at least initially – Medicare or Medicaid patients.
The hospital formerly known as Forest Park Medical Center at Southlake has a new name: Methodist Southlake Hospital, following the sale and agreement approved by the United States Bankruptcy Court for the Northern District of Texas on May 16. Dallas-based Methodist Health Systems acquired the hospital for $17.6 million out of bankruptcy.
Methodist Southlake Hospital is now a multi-specialty facility focused on the delivery of advanced surgical and procedural care and quality patient outcomes, accoding to Dallas-based Methosist. The hospital offers treatment options in several specialties, including bariatrics, orthopedic and spine surgery, plastic surgery, urology, gastroenterology, endoscopy, otolaryngology (ENT), gynecology, pain management, general surgery, hand surgery, neurosurgery, breast surgery and podiatry.
The 142,000-square-foot hospital has 54 private inpatient rooms; 10 family suites; six intensive care rooms; and 12 fully-integrated operating suites.
“From the moment we first met with the Board, physicians and staff, we knew this was a truly special medical center,” said Stephen L. Mansfield, president and CEO of Methodist Health System. “We were very impressed with the community of Southlake and recognize it is a growing, thriving city that cares about its people. Methodist Health System feels very privileged to partner with Methodist Southlake Hospital as it continues to offer world-class service to its patients.”
Methodist Health System partnered with NueHealth, a consumer-focused health care company, to provide accessible, affordable care opportunities through provider networks that they develop and integrate, according to the hospital system. Together, Methodist Health System and NueHealth are equipping Methodist Southlake Hospital with the means to streamline operations, further elevate patient experiences while optimizing quality outcomes.
“Methodist Southlake Hospital and the Methodist Health System are a perfect fit because our core beliefs and values naturally align,” said Robert Pollard, Methodist Southlake Hospital board president. “Our focus on delivering the greatest patient care available is strengthened under the leadership of Methodist Health System. As a result, the transition into the Methodist system will be seamless for our hospital staff and our physicians, but most importantly to our patients.”
Haynes and Boone, LLP served as Forest Park Medical Center at Southlake’s legal advisors and FTI Consulting is serving as interim management and financial advisor. Methodist is advised by Phoenix Effect, LLC and VMG Health.