Houston Methodist has formally begun the process of taking majority ownership of CHRISTUS St. Catherine Hospital in Katy and will likely transition it into a post-acute care facility. The two companies have entered into a letter of intent and are negotiating the terms of the deal though they would not disclose the financial details, according to Stefanie Asin, communications director for Houston Methodist.
“This partnership brings together two faith-based organizations with longstanding commitments to the Houston community,” said Marc L. Boom, M.D., president and CEO of Houston Methodist. “Now we can expand our services to new areas and new patients in our community.”
CHRISTUS St. Catherine is a 102-bed facility that employs 510 people. It has been in operation at that location since March 27, 2000.
According to a statement released Sept. 18, the ownership percentages were still being negotiated but the two faith-based health systems expect the transaction to be complete by the end of the year. The agreement preserves CHRISTUS as a minority partner and allows it to maintain a role in governance. CHRISTUS may also have the option to manage St. Catherine, in its current location at 701 S. Fry Rd, as a post-acute facility, according to the statement.
Houston Methodist is also acquiring majority ownership in the CHRISTUS St. John Hospital in the Nassau Bay/Clear Lake area. That location will remain largely as it is now but under the Houston Methodist name.
The transaction also includes the CHRISTUS Provider Network clinics in the Katy and Nassau Bay areas and the CHRISTUS Stehlin Foundation for Cancer Research. In Katy that means two clinics, CHRISTUS St. Catherine Medical Group Cardiology Associates & CHRISTUS St. Catherine Medical Group Family Medicine.
“We welcome with open arms the employees, physicians and patients from CHRISTUS St. Catherine and CHRISTUS St. John to the Methodist family where we share common missions and values,” Boom said. “We have the same commitment to quality and we are both dedicated to our patients above all else.”
Source: Impact News