Hailey Tran
The Louisiana Heart Hospital, formerly known as the Louisiana Medical Center and Heart Hospital, was purchased by a St. Tammany commercial real estate company, Stirling Medical Lacombe LLC, for $22 million in 2017. The hospital, which opened in 2003, offered a wide range of medical services and specialties. However, it faced financial difficulties, with tax liabilities and bankruptcy, leading to its closure and subsequent sale. The new owners plan to lease the facility for medical purposes, but the specific users and services are yet to be determined. This purchase has been well-received by local officials and agencies, who anticipate a positive impact on the community and tax revenues.
| Characteristics | Values |
|---|---|
| Name | Louisiana Heart Hospital |
| Location | Lacombe, Louisiana |
| Year of Opening | 2003 |
| Year of Sale | 2017 |
| Sale Price | $22 million |
| Buyer | Stirling Medical Lacombe LLC of Covington |
| Building Size | 210,000 square feet |
| Previous Financial Difficulties | Yes |
| Previous Specialties | Orthopedics, Vascular and General Surgery, Gastroenterology, Neurology |
Explore related products
What You'll Learn
- The Louisiana Heart Hospital was purchased by a commercial real estate company for $22 million
- The hospital filed for bankruptcy and closed in February 2017
- The company has not decided who will lease the hospital building or what medical services will be offered
- The hospital's financial situation was revealed in 2013 during a legal dispute over property taxes
- The hospital, which opened in 2003, offered a wide range of medical services
The Louisiana Heart Hospital was purchased by a commercial real estate company for $22 million
The Louisiana Heart Hospital, which opened in 2003, was purchased by a St. Tammany commercial real estate company for $22 million. The hospital, located near Lacombe, had filed for bankruptcy and closed in February of 2017. It offered a full range of inpatient and outpatient medical, surgical, and diagnostic services, covering more than 35 specialties, including orthopedics, vascular and general surgery, gastroenterology, and neurology.
The hospital had a licensed capacity of 58 beds and found itself in financial trouble, owing a total of $771,369 in taxes to St. Tammany Parish, including property tax and taxes on movable equipment. In its bankruptcy filing, the hospital estimated its assets at $10 million to $50 million and its liabilities at $100 million to $500 million.
The St. Tammany commercial real estate company, Stirling Medical Lacombe LLC of Covington, acquired the hospital through a federal bankruptcy court. The company's senior vice president for development, Townsend Underhill, stated that they had no specific plans for the 210,000-square-foot hospital building but had been approached by several parties interested in providing medical services at the facility.
The sale was well-received by local officials, including St. Tammany Parish Councilman Jake Groby, who highlighted the positive impact on local agencies that relied on property taxes from the hospital. Local officials also expressed relief that the facility would be put back into commerce, with Parish President Pat Brister commenting on the positive outcome for the complex.
Outpatient Surgery: Does It Count as ASC?
You may want to see also
Explore related products
The hospital filed for bankruptcy and closed in February 2017
The Louisiana Medical Center and Heart Hospital, located near Lacombe, filed for bankruptcy and closed in February 2017. The hospital, which first opened its doors in 2003, offered a wide range of inpatient and outpatient services, including orthopedics, vascular and general surgery, gastroenterology, and neurology. Despite its comprehensive medical offerings, the hospital faced significant financial challenges, with liabilities estimated to be between $100 million and $500 million.
In its bankruptcy filing, the hospital revealed that it owed substantial amounts in taxes to St. Tammany Parish, totaling $771,369, including property tax and taxes on movable assets such as equipment. The hospital's financial troubles became public in 2013 when it disputed the fair market value of its buildings and property with the St. Tammany assessor's office. The hospital's estimated value of $10.8 million was far below the assessor's office valuation of $26 million. After a series of appeals, the final fair market value was set at $23.4 million by the 19th Judicial District in March 2015.
Following its closure, the hospital was purchased by Stirling Medical Lacombe LLC of Covington, a St. Tammany commercial real estate company, for $22 million. This sale was well-received by local officials, including St. Tammany Parish Councilman Jake Groby and Parish President Pat Brister, who expressed relief that the property would be returned to commerce. Townsend Underhill, Stirling's senior vice president for development, stated that while there were no specific users lined up to take over the hospital building, several parties had expressed interest in providing medical services at the facility.
Las Vegas Nurses: Hospital Treatment and Care
You may want to see also
Explore related products
The company has not decided who will lease the hospital building or what medical services will be offered
The Louisiana Heart Hospital, which closed in February 2017, was purchased by Stirling Medical Lacombe LLC of Covington, a St. Tammany commercial real estate company, for $22 million. The hospital, which opened in 2003, had filed for bankruptcy and owed a total of $771,369 in taxes to St. Tammany Parish.
Stirling Medical has not decided who will lease the hospital building or what medical services will be offered. Townsend Underhill, Stirling's senior vice president for development, stated that the company has “no specific users" lined up to take over the 210,000-square-foot hospital building. However, he mentioned that they have been contacted by several parties interested in providing medical services at the facility.
The purchase of the hospital by Stirling Medical has been well-received by local officials and community members. St. Tammany Parish Councilman Jake Groby, representing the Lacombe area, expressed that the sale was positive for the parish and agencies such as the 3rd Fire District and 4th Recreation District, which relied on property taxes from the hospital. Fire Chief Patrick Sicard also welcomed the news, anticipating the tax revenue despite not knowing the future lease or medical services plans.
Parish President Pat Brister expressed relief that the facility was bought by a local company and would be returned to commerce. She commented, "The closure of the hospital caused concern about the future of that property. We are grateful that a new chapter and a new life for the complex is within sight."
While the specific future plans for the hospital building are yet to be determined, Stirling Medical's acquisition has brought reassurance to the community, particularly regarding the anticipated tax revenue and the prospect of continued medical services at the facility.
Kaiser Permanente in Washington State: Hospital Locations
You may want to see also
The hospital's financial situation was revealed in 2013 during a legal dispute over property taxes
The Louisiana Heart Hospital, which opened in 2003, filed for bankruptcy and closed in February 2017. In its bankruptcy filing, the hospital estimated its assets at $10 million to $50 million and its liabilities at $100 million to $500 million. The hospital owed a total of $771,369 in taxes to St. Tammany Parish, including $585,556 in property tax and $185,813 on movables such as equipment.
The hospital's financial situation was revealed earlier in 2013 during a legal dispute over property taxes with the St. Tammany assessor's office. The assessor's office initially set a fair market value of almost $26 million on the hospital's buildings and property, which was more than double the $10.8 million value sought by the hospital. The hospital then appealed to the state Tax Commission, which set the fair market value at $23.4 million. The hospital further appealed this decision to the 19th Judicial District, which affirmed the Tax Commission's valuation in March 2015.
The Louisiana Heart Hospital was eventually purchased by Stirling Medical Lacombe LLC, a St. Tammany commercial real estate company, for $22 million. The sale was well-received by local agencies and officials, including St. Tammany Parish Councilman Jake Groby and Fire Chief Patrick Sicard, as it meant the much-needed property tax revenue would continue.
Midwives in the Netherlands: Hospital Births and Care
You may want to see also
The hospital, which opened in 2003, offered a wide range of medical services
The Louisiana Heart Hospital, located near Lacombe, opened its doors in 2003. Despite its name, the hospital offered a wide range of medical services beyond heart-related issues. It provided inpatient and outpatient medical, surgical, and diagnostic services, covering more than 35 specialties. The range of services included orthopedics, vascular and general surgery, gastroenterology, and neurology.
The hospital was initially licensed for 58 beds when it first opened. However, financial troubles plagued the hospital over the years. In 2013, the hospital faced a dispute with the St. Tammany assessor's office over property taxes, which brought attention to its financial situation. The hospital's estimated assets were between $10 million and $50 million, while its liabilities were estimated to be between $100 million and $500 million.
Unfortunately, the Louisiana Heart Hospital was unable to recover from its financial woes and eventually filed for bankruptcy, closing its doors in February 2017. The hospital was then purchased by Stirling Medical Lacombe LLC, a commercial real estate company, for $22 million. The new owners intended to lease the facility for medical purposes, and several parties expressed interest in providing medical services at the hospital.
While the Louisiana Heart Hospital faced financial challenges, its sale was seen as positive for the local community. Local agencies, such as the 3rd Fire District and 4th Recreation District, relied heavily on property taxes from the hospital. The purchase by a local company brought relief and ensured that the complex would continue to be utilized for medical purposes.
Blood Supply: Hospitals' Constant Need
You may want to see also
Frequently asked questions
The LA Heart Hospital was bought by the NHS.
The LA Heart Hospital was purchased for £27.5 million.
The hospital was purchased to return it to the NHS and become a new cardiac centre.
All staff will transfer to the NHS and will become NHS employees.
