TORONTO, March 23, 2016 /CNW/ - Medical Facilities Corporation (TSX: DR) ("Medical Facilities" or the "Corporation") is pleased to announced that it has appointed Britt T. Reynolds as Chief Executive Officer of the Corporation. Mr. Reynolds, who will commence in his new role on June 1, 2016, is a well-recognized executive with over 28 years' experience in the hospital and health services management industry. His vision, experience and skills position him well to build on Medical Facilities' existing core business and capitalize on opportunities in the U.S. healthcare market.
"Medical Facilities is delighted that Britt Reynolds will be leading the company into the next phase of its development," said Seymour Temkin, Interim CEO and Chairman of the Board. "Britt has extraordinary experience and relationships in the industry, the drive, passion and ability to drive and refine Medical Facilities' strategies to further strengthen operations while identifying and executing on accretive acquisition opportunities."
Since January 2012, Mr. Reynolds has been the President of Hospital Operations at Tenet Healthcare Corp., where he has led Tenet's largest operating division consisting of 84 hospitals and related outpatient centers. Prior to that, starting in December 2008, he served as a Senior Vice President and Division 1 President of Health Management Associates Inc. (HMA) where he was responsible for hospitals in Alabama, North Carolina, Pennsylvania, and South Carolina, and before that he served as a Vice President of Operations for Community Health Systems, Inc. (CHS) managing hospitals in Illinois, New Jersey, Pennsylvania and West Virginia. He has held senior executive positions in the three largest investor owned hospital organizations in the U.S.
Mr. Reynolds has extensive experience in mergers, acquisitions and joint ventures and working collaboratively with physicians, executives and other health care professionals.
About Medical Facilities
Medical Facilities owns controlling interests in four specialty surgical hospitals located in South Dakota, Arkansas and Oklahoma, as well as an ambulatory surgery center in California. The specialty hospitals perform scheduled surgical, imaging, diagnostic and other procedures, including primary and urgent care, and derive their revenue from the fees charged for the use of their facilities. The ambulatory surgery center specializes in outpatient surgical procedures, with patient stays of less than 24 hours. In addition, Medical Facilities owns controlling interest in a diversified healthcare service company located in Oklahoma City that provides third-party business solutions to healthcare entities such as physicians, facilities, and insurance companies. Medical Facilities is structured so that a majority of its free cash flow from operations is distributed to the holders of its common shares in the form of dividends. For more information, please visit www.medicalfacilitiescorp.ca.
SOURCE Medical Facilities Corporation
For further information: Michael Salter, Chief Financial Officer, Medical Facilities Corp., (416) 848-7380 or 1-877-402-7162, [email protected]; Renee Lam, Investor Relations, NATIONAL Equicom, 416.848.1405, [email protected]