KING OF PRUSSIA, Pa., March 3, 2014 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that it has completed the acquisition of Palo Verde Behavioral Health ( Palo Verde) from Tucson Medical Center. Palo Verde currently operates 48 adult inpatient psychiatric beds. This acquisition establishes the Company's presence in the Tucson market and expands UHS's behavioral health presence in Arizona which includes Valley Hospital, an acute inpatient psychiatric hospital and Calvary Addiction Recovery Center, both located in Phoenix.
"We are very excited to consummate this transaction with Tucson Medical Center. As a leader in behavioral health services, UHS is eager to operate Palo Verde with its longstanding reputation for stability and quality care. UHS looks forward to working in partnership with Tucson Medical Center in expanding the facility's capacity to 84 inpatient beds by the end of 2014. Additionally, we look to develop child and adolescent behavioral health programs to meet the great need and demand in southern Arizona for these services," said Debra Osteen, President, Behavioral Health Division of UHS.
In addition to the Palo Verde acquisition, UHS has also made a significant investment to grow its operation in the Phoenix market by acquiring a 67,324 square foot medical building which will be converted into a psychiatric hospital. The de novo project in north Phoenix, Quail Run Behavioral Health, will operate 100 inpatient psychiatric beds and is expected to open in the fall of 2014. Quail Run Behavioral Health will provide a broad range of acute behavioral health services for children, adolescents and adults, along with specialty psychiatric treatment programs to specifically address identified service gaps in the greater Phoenix area.
Universal Health Services, Inc. is one of the nation's largest hospital companies, operating, through its subsidiaries, behavioral health facilities, acute care hospitals, and ambulatory centers throughout the United States, Puerto Rico, and the U.S. Virgin Islands.Certain statements in this release may constitute forward-looking statements and are subject to various risks and uncertainties as discussed in the Company's filing with the Securities and Exchange Commission. The Company is not obligated to update these forward-looking statements even if the Company's assessment of these risks and uncertainties changes.
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