Judge Approves Sale of Samaritan Hospital Assets to UK HealthCare
LEXINGTON, Ky. (June 6, 2007) - A federal bankruptcy judge today approved the sale of Samaritan Hospital assets to UK HealthCare.
The transaction should be complete by July 1, said Dr. Michael Karpf, executive vice president of health affairs for the University of Kentucky. The hospital will be renamed UK HealthCare-Good Samaritan. Karpf said a team of administrators at UK HealthCare and Samaritan already have been working on transition issues, including the use of beds and transition of employees between the two hospitals
"We are extremely pleased to receive approval from the court to move forward with this important transaction," Karpf said. "This move is important for UK HealthCare. It's important for Samaritan and it's important in terms of ensuring the continued presence of a trusted health care provider for downtown and north Lexington."
UK Chandler Hospital, a facility currently licensed for 473 beds, is experiencing high occupancy. About 1,300 jobs have been added since 2004 at UK Chandler Hospital and the UK College of Medicine, in large part because of the growth of the hospital's patient volumes. Discharges, a measure of inpatient activity at the hospital, have grown by 43 percent during the last four years.
Samaritan, a respected health care provider since 1888, is licensed for more than 300 beds. With a medical staff comprised of 530 members including 387 physicians, Samaritan Hospital is a full-service community hospital with numerous clinical distinctions. The acquisition will preserve the jobs of over 500 current Samaritan Hospital employees.
Samaritan is home to Central Kentucky's largest Orthopedic Joint Replacement Surgery Program. It is also currently home to a 34-bed skilled-nursing facility operated by Cardinal Hill Rehabilitation Hospital and a 44-bed long-term acute-care hospital. The University of Kentucky leases the hospital facility from Ventas Realty, Limited Partnership, which includes 13-plus acres of prime downtown real estate. In addition to the hospital, the lease includes a medical office building and a state of the art diagnostic center.