University of Miami Executive Committee Approves Purchase of Cedars Medical Center
The University of Miami moved one step closer to buying Cedars Medical Center in Miami from HCA on October 26, 2007 when the Executive Committee of the University’s Board of Trustees voted to give UM senior officers the authority to complete the deal.
University administrators are now authorized to seek all necessary regulatory approvals and take all steps needed to close the transaction to buy Cedars, a 560-bed hospital in the Miami Health District across the street from the UM Miller School of Medicine campus. The purchase is expected to be completed at the beginning of December.
“Today’s vote is an exciting milestone in the University’s quest to bring academic medicine to Cedars Medical Center, creating a university hospital environment to serve the people of South Florida and beyond,” said Pascal Goldschmidt, M.D., senior vice president for medical affairs and dean of the UM Miller School of Medicine. “At the same time, we will continue and strengthen our long affiliation with Jackson Health System, significantly increasing the University’s clinical programs in the Miami Health District.”
“We’re pleased the board of the University has authorized this step and look forward to moving ahead to the completion of the sale,” said Michael G. Joseph, president of HCA East Florida Division. “We believe that this opportunity will best position Cedars Medical Center for the future and that it is a logical evolution in the relationship between the two entities.”
Cedars Medical Center and the University of Miami have a strong, long-standing relationship. Miller School of Medicine students and trainees rotate at Cedars in nearly a dozen specialties, including oncology, urology and orthopedics. In addition, some UM physicians have offices at Cedars Medical Center and regularly practice at the hospital.
UM faculty physicians also serve as the medical staff of Jackson Memorial Hospital, which is run by the Public Health Trust of Miami-Dade County. Plans are currently in the works with Jackson leadership to develop a number of new strategic clinical programs and enhance already existing services.
For its part, HCA continues to have a strong presence in Miami-Dade County through Kendall Regional Medical Center and Aventura Hospital and Medical Center, both of which have recently undergone significant expansions.