Texas Health Resources, a 13-hospital health system in north Texas, and the LHP Hospital Group have formed a joint venture to acquire Wilson N. Jones Medical Center in Sherman, Texas.
Texas Health will own a majority equity interest in the joint venture that owns Texas Health Presbyterian Hospital-WNJ, and LHP will manage the operation of the hospital. Texas Health and Plano, Texas-based LHP will share governance of the joint venture, which will invest $25 million in capital improvements over the next four years.
"Texas Health Presbyterian Hospital-WNJ furthers our long-term strategy to keep pace with the growing population of north Texas," said Steve Hanson, senior executive vice president of growth and integration for Texas Health Resources.
Texas Health Presbyterian Hospital-WNJ has 241 licensed beds, more than 1,150 employees and almost 190 affiliated physicians. It serves four counties in north Texas and southern Oklahoma.
Dan Moen, LHP's CEO, said the "unique model of shared governance" would give WNJ the resources and support to be a premier healthcare provider in the region.
LHP is a privately held company that provides capital and expertise to not-for-profit hospitals and hospital systems. The firm forms joint ventures in cooperation with local hospitals to acquire, own, operate and manage acute care facilities throughout the United States.
Texas Health Resources is one of the largest faith-based, nonprofit healthcare delivery systems in the United States. In addition to owning 13 hospitals, it is a partner in eight additional hospitals or surgery centers.