Piedmont, University Health makes a deal

Piedmont Healthcare has completed its acquisition of University Health, the Atlanta-based nonprofit announced Tuesday.

The non-profit regional system of 19 hospitals has nearly doubled its presence in hospitals over the past year following successive deals with University Health and HCA Healthcare. The University of Public Health in Augusta, Georgia, includes the University Hospital, Summerville University Hospital, McDuffie University Hospital, two qualified medical facilities and rehabilitation centers, and a regional network of doctor’s offices and emergency centers.

Executives described the deal as a takeover that sees University Health become “Piedmont’s regional hub for clinical services in the Greater Augusta area.”

“Piedmont Augusta and Piedmont McDuffie have good growth opportunities,” James Davis, president and CEO of Piedmont Augusta and Piedmont McDuffie, said in a press release. “Piedmont’s confidence as a clinical health center in Augusta is a huge vote of confidence.”

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Piedmont informed operating income of $423.9 million on revenue of $4.57 billion in 2021 compared to $199.5 million in operating profit on revenue of $3.94 billion in 2020. Nearly $358 million in non-operating gains was recorded in 2021, compared to about $19 million a year earlier. Over the past two years, Piedmont has received more than $240 million in COVID-19 grants.

Health University recorded an operating loss of $11.6 million on revenue of $471 million for the nine months ended September 30, according to the most recent data available. This is less than operating income of $5.1 million compared to $496.6 million in revenue for the same period the previous year. The company recorded a non-operating profit of $35.3 million for the nine months ended September 30.

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