Foundation HealthCare has sold its 20 percent stake in Heritage Park Surgical Hospital in Sherman, Texas, for $9.3 million.
Foundation sold its share in the surgical hospital to Texas Health Venture Heritage Park, a joint enterprise of Baylor Hospital System, based in Dallas, and United Surgical Partners International.
Foundation also plans to sell its real estate ownership in the hospital's main campus by the end of the year. The sale is expected to net approximately $4 million.
"Owning a majority interest in our affiliated hospitals is fundamental to our growth strategy," said Stanton Nelson, CEO of Foundation. "We are proud of our successes with our physician partners at Heritage Park, but without majority ownership the hospital did not fit our business model. We intend to use the capital from the sale to strengthen our balance sheet and further our growth strategy."