HCA (NYSE: HCA) today announced a series of organizational changes and
transactions completed in the first year of its new outpatient strategy.
Since launching the new strategy with the appointment of Marilyn B.
Tavenner as President of the Outpatient Services Group in January 2004,
HCA has continued to build an infrastructure in order to operate its
existing outpatient services more efficiently and to develop new
opportunities in the outpatient setting.
"We have made significant progress in structuring our Outpatient
Services Group to pursue the emerging opportunities in this important
arena," Tavenner noted. "We have focused on a strategy designed to
increase competitiveness and quality of hospital based outpatient
services. At the same time, we are working with existing and potential
partners to grow free-standing outpatient centers."
The company has put in place a team that includes several HCA veterans
in addition to Tavenner and a contact at each of the company's 12
division offices who focuses on building the outpatient business of that
division. Other senior members of the organization include A. Bruce
Moore, Chief Operating Officer, Outpatient Services Group; Robert S.
"Sam" Hankins, Chief Financial Officer, Outpatient Services Group; Greg
Beasley, President of the Ambulatory Surgery Division; and Laura Mower,
Vice President, Imaging Division.
In addition to building an operations infrastructure to help manage the
company's existing outpatient services, HCA has begun to develop new
outpatient business, particularly in the areas of imaging and surgery.
Since establishing the Outpatient Services Group, transactions totaling
nearly $24 million and 11 centers have been completed including the
following:
-- Acquiring a majority of Diversified Radiology of Denver, Colo.,
comprising four imaging centers with a fifth under development and
expected to be completed by the summer of 2005.
-- Obtaining a minority interest in Thousand Oaks Diagnostic Imaging - an
imaging center in Thousand Oaks, Calif.
-- Assuming a minority interest position in two imaging centers owned by
Austin Radiological Associates in Austin, Texas.
-- Acquisition of Millcreek Imaging Center, a diagnostic imaging center
in Salt Lake City, Utah.
-- Acquiring a majority interest in LAD Imaging, a two-center imaging
company in Deltona and Orange City, Fla.
-- Assuming majority ownership of Gastrointestinal Endoscopy Center #2,
an outpatient center in Plano, Texas, that focuses on endoscopic
procedures.
Also during 2004, HCA has opened or acquired five new surgery centers
and formed or restructured partnerships at five centers that had been
managed by hospitals, bringing its total to 91 ambulatory surgery
centers in 16 states.
The company estimates it will acquire or develop 5 - 10 surgery centers
and 15 - 25 imaging centers over the next year.
This press release contains forward-looking statements based on current
management expectations. Those forward-looking statements include all
statements other than those made solely with respect to historical fact.
Numerous risks, uncertainties and other factors may cause actual results
to differ materially from those expressed in any forward-looking
statements. These factors include, but are not limited to (i) the
ability to implement the acquisition, development and operating strategy
of the Company's Outpatient Services Group, including the ability to
identify suitable acquisition candidates in areas where the Company has
acute care facilities, and (ii) other risk factors detailed in the
Company's filings with the SEC. Many of the factors that will determine
the Company's future results are beyond the ability of the Company to
control or predict. In light of the significant uncertainties inherent
in the forward-looking statements contained herein, readers should not
place undue reliance on forward-looking statements, which reflect
management's views only as of the date hereof. The Company undertakes no
obligation to revise or update any forward-looking statements, or to
make any other forward-looking statements, whether as a result of new
information, future events or otherwise.
All references to "Company" and "HCA" as used throughout this document
refer to HCA Inc. and its affiliates.
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: Statements in this press release regarding HCA's business
which are not historical facts are "forward-looking statements" that
involve risks and uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from those
contained in the forward-looking statements, see "Risk Factors" in the
Company's Annual Report or Form 10-K for the most recently ended fiscal
year.
Investors, Mark Kimbrough, +1-615-344-2688, or
Media, Jeff Prescott, +1-615-344-5708,
both of HCA