Alecto Healthcare Services Acquires Controlling Interest in Olympia Medical Center
Alecto Healthcare Services today announced that, effective December 31, 2013, it has acquired a controlling ownership interest in Olympia Medical Center, a 204-bed acute care hospital located in the Mid-City/Mid-Wilshire district of Los Angeles, California, through a previously announced merger which will continue physician ownership in the hospital. "Alecto will bring its experience and capital to Olympia Medical Center and looks forward to working with Olympia's physicians, employees, and patients to improve upon its well-deserved reputation as a local provider of quality healthcare" said Michael Sarrao, Alecto's Executive Vice-President.
"It is clear that Alecto's experience, flexibility, and willingness to maintain physician ownership is the right fit for Olympia Medical Center and its physicians, employees, patients, and the community it serves" said John Calderone, PhD, Olympia's Chief Executive Officer. Mr. Calderone will continue in his role as Chief Executive Officer.
"Alecto's team looks forward to working with local physicians and patients to improve upon the already high quality of care at Olympia Medical Center and make Olympia the hospital of choice for local physicians and patients" said Panch Jeyakumar, M.D., a Board Certified Pulmonary and Critical Care Physician and Alecto's Chief Medical Officer.
"We believed that it was important to structure the merger in such a way that physicians will continue to have a meaningful ownership interest in Olympia Medical Center" said Michael Sarrao, Alecto's Executive Vice-President.
About Alecto Healthcare Services
Through its commitment to integrity and innovation, Alecto's mission is to improve upon the nation's healthcare infrastructure, one hospital at a time. Alecto recognizes that each hospital often presents a unique set of challenges, but the solutions always involve a strong commitment to the hospital's employees, the physicians in the community, and the patients who seek care from the hospital. Alecto takes great pride in its commitment not only to the hospitals, but also the communities in which they exist. In addition to Olympia Medical Center, Alecto manages St. Rose Hospital, a 217 bed non-profit acute care hospital located in Hayward, California.
About Olympia Medical Center
Olympia Medical Center is a 204-bed acute care hospital located in the Mid-City/Mid-Wilshire district of Los Angeles, California. A group of local physicians acquired the facility (then known as Midway Hospital) from Tenet Healthcare and have remained committed to the success of the hospital as a local provider of quality healthcare. For more information, please visit the hospital's website at www.olympiamc.com.
