HHA, Inc., parent company of Highland Hospital Association and other Highland companies located in Charleston, West Virginia, today announced that its board of directors has unanimously approved a letter of intent to sell Highland to Acadia Healthcare Company, Inc., of Franklin, Tennessee.
"Highland has recognized for some time that healthcare is constantly changing. We must adapt to those changes to continue to provide high-quality behavioral healthcare services to our community," said Cynthia Persily, Ph.D., President and Chief Executive Officer of HHA. "We are pleased to be having these discussions with Acadia, a nationally recognized name in behavioral healthcare. We firmly believe Acadia will enhance the ability of Highland to serve our community's behavioral health needs and provide us the best path forward to meet our mission within the ever-changing healthcare landscape."
With the signing of the letter of intent, Highland and Acadia will move into due diligence and work toward a definitive agreement. Leadership of Highland anticipates completing the definitive agreement by September 30, 2016, and desires to finalize the transaction by the end of this year.
Highland includes the following companies:
• Highland Hospital Association – A psychiatric hospital with 80 acute-care beds for adults, children and adolescents and a 24-bed psychiatric residential treatment facility for children and adolescents.
• Highland Health Center, Inc. – A 16-bed residential treatment and detoxification program.
• Process Strategies – An outpatient provider with integrated behavioral healthcare, primary care, and pharmacy services.
"Our mission is to serve the clinical behavioral healthcare needs of southern West Virginia. Our board believes Acadia is in a position to provide Highland with the capital and clinical support needed to serve our patients and our region," said Dr. Kiran Devaraj, chief medical officer.
Highland-Clarksburg Hospital, Inc., is not a party to the transaction. Highland-Clarksburg Hospital, Inc., is a stand-alone corporation and not an affiliate of Highland.
Source : finance.yahoo.com