The local affiliate of HCA Healthcare has signed a deal to acquire NorthCrest Health in Springfield, with up to $16 million in proceeds from the sale being used to create a foundation to support health and wellness initiatives in Robertson County.
TriStar Health will acquire a 109-bed acute-care hospital and several physician practices serving North Central Tennessee and Southern Kentucky through the transaction. After completion of the sale, HCA's Middle Tennessee network will comprise 11 hospitals and about 125 physician offices as well as several imaging centers, freestanding emergency departments, outpatient surgery and urgent care centers.
The announcement comes after months of deliberation, according to NorthCrest CEO Randy Davis, which focused primarily on community relations and increasing health care services in the region. On that front, NorthCrest will use the proceeds of the sale to create a foundation that will advocate for services addressing social determinants of health, according to the press release, which will be overseen by an independent board with representation from leaders in Robertson County.
“NorthCrest Health has shown a unique commitment to Robertson County and the surrounding area for decades, and TriStar Health shares that same commitment to the communities we serve,” Mitch Edgeworth, TriStar's president, said in the release. “Our commitment to the care and improvement of human life can be seen throughout every facet of NorthCrest Health, and we look forward to beginning the integration process and the opportunity to serve this community for generations to come.”
The deal comes as HCA eyes broader growth through acquisitions and is on target to spend nearly $3.7 billion in capacity expansion and construction projects this year. The health giant currently has a network of more than 180 hospitals and 2,000 care sites across 21 states, employing more than 280,000 individuals.
Shares of HCA Healthcare (Ticker: HCA) are currently trading near the company’s all-time high at $190.47. They have more than double since the market trough in March 2020 and eclipsed their pre-pandemic high last November. The company's equity is now worth nearly $64 billion.