Mountain View, CA - December 17, 2008 - Expanding its commitment to community health care delivery for the people of Silicon Valley, El Camino Hospital, a 501(c)(3) non-profit organization, announced today it has entered into an agreement to acquire the real estate and certain other assets of the 143-bed Community Hospital of Los Gatos from one or more affiliates of HCP, Inc. (NYSE:HCP). According to the terms of the agreement, El Camino Hospital would purchase the assets on or before June 1, 2009 when the current lease expires. The agreement is subject to standard closing procedures.
"With this new Los Gatos location, we will be better able to serve people in communities such as Campbell, Cupertino, Los Gatos, Saratoga and San Jose, many of whom have already chosen El Camino Hospital for their care," says Ken Graham, chief executive officer of El Camino Hospital, a 399-bed facility. "As a not-for-profit, we are able to reinvest resources within Silicon Valley as well as improve and grow patient programs and services."
Making the Change
The activation team, tasked with overseeing operations at the Los Gatos location, will be led by Eric Pifer, M.D., chief medical officer, El Camino Hospital. Dr. Pifer also has been appointed president of the Los Gatos location and will begin his new post once El Camino Hospital begins operations there.
"El Camino Hospital will work to make sure there is a smooth implementation process for the Los Gatos community, physicians and staff that results in the highest levels of quality and safety, more access options, coordination of clinical programs and a regional network of services that directly benefits patients and their families," said Dr. Pifer who is also a resident of the Los Gatos community.
The adjacent facilities are separated by less than 13 miles along the I-85 corridor in Silicon Valley, and many physicians already practice at both facilities, while El Camino Hospital currently draws patients from the Los Gatos area.
"This acquisition fits with El Camino Hospital's operating strategies," said Ann Fyfe, vice president of business development, El Camino Hospital. "It will continue our mission to ensure the Silicon Valley community always has access to the top quality professionals and services that our patients expect."
El Camino Hospital District tax dollars are not being used to fund this acquisition.