Scottsdale Healthcare/Sovereign created to pursue partnerships with leading physicians
SCOTTSDALE, Ariz. (Jan. 5, 2010) – Scottsdale Healthcare and Sovereign Healthcare (Sovereign) are partnering in a joint venture to acquire majority ownership of North Valley Surgery Center, an outpatient surgery center in Scottsdale. The venture allows Scottsdale Healthcare to expand patient access to off-campus outpatient surgery services and strengthen alignment with physicians.
North Valley Surgery Center (NVSC) was founded by several community physicians and managed by Sovereign, a leader in successfully developing outpatient surgical centers. The transaction was effective Dec. 31, 2009. NSVC will continue to operate as a separate company, managed by Sovereign.
Scottsdale Healthcare and Sovereign have created a new entity, Scottsdale Healthcare/Sovereign, which is now the majority owner of NVSC. Scottsdale Healthcare/Sovereign was formed to combine the strengths of Scottsdale Healthcare and Sovereign to explore opportunities in outpatient surgery where physician equity participation is also a component. NVSC is the first project under this new joint venture.
The Scottsdale Healthcare/Sovereign joint venture allows Scottsdale Healthcare to explore partnerships with physicians and extend its brand of high quality medical care in outpatient settings outside its three hospital campuses, according to Scottsdale Healthcare President & CEO Tom Sadvary.
“Scottsdale Healthcare is committed to working with leading physicians in the community. We believe that physicians and hospitals achieve the best outcomes when they operate as teams, and this new venture illustrates our commitment to physician alignment not only in the hospitals, but in off-campus outpatient settings by creating partnerships for ownership and operations in the interest of achieving the highest quality care,” said Sadvary.
“This is an important development,” said Sovereign Healthcare CEO Jeremy Hogue, who sees the joint effort as being attractive for doctors and the community. “Scottsdale Healthcare has demonstrated real, forward-thinking leadership in a manner that is clearly pro-physician and pro-community. To see the premier hospital system and top physicians working together like this is great for patient care. All of us at Sovereign are excited to be part of the equation.”
Outpatient services continue to grow, driven by patients seeking greater convenience and value in medical care. The Scottsdale Healthcare/Sovereign venture facilitates further alliance with quality physicians for more seamless healthcare delivery across the continuum of care, noted Scottsdale Healthcare Chief Medical Officer Mike Foley, MD.
“The acquisition of North Valley Surgery Center by Scottsdale Healthcare/Sovereign is the first example of Scottsdale Healthcare’s efforts to expand off-campus same day surgical access to its patients and to the community we serve, while at the same time serving the interests of Scottsdale Healthcare and physicians,” added Dr. Foley.
North Valley Surgery Center will remain an independent facility separate from Scottsdale Healthcare. No changes are expected in the center’s operations or staff. Management will work with Scottsdale Healthcare to explore potential economies of scale for purchasing and contracting.
About Scottsdale Healthcare: Scottsdale Healthcare (www.shc.org) is the Northeast Valley’s leading health system, founded in Scottsdale in 1962. It currently operates Scottsdale Healthcare Osborn Medical Center, Scottsdale Healthcare Shea Medical Center, Scottsdale Healthcare Thompson Peak Hospital and the Virginia G. Piper Cancer Center at Scottsdale Healthcare.
About Sovereign Healthcare: Sovereign Healthcare is a privately-held healthcare services company headquartered in Orange County, California, which works with leading physician specialists to develop and operate premier outpatient surgery centers. Sovereign’s market focus is Southern California and the greater-Phoenix metro area of Arizona.
About North Valley Surgery Center: North Valley Surgery Center is a Medicare-certified ambulatory surgery center located at 9522 E. San Salvador Drive, Suite 100 in Scottsdale. The center, which houses four (4) large operating rooms and one (1) procedure room, was opened in 2005 by Sovereign Healthcare and over 20 community physicians. Since its opening, over 10,000 patients have had procedures at NVSC.