NASHVILLE, Tenn., Oct. 3, 2011/PRNewswire/ -- Cardiovascular Care Group (CCG) today announced that it has finalized the acquisition of Louisiana Medical Center and Heart Hospital from MedCath Corporation (NASDAQ:MDTH). The acquisition is the first in CCG's effort to create a national network of innovative and comprehensive cardiovascular care delivery systems. CCG is led by a team of veteran health care executives. "We are committed to working with a multidisciplinary team of physicians, nurses, and other health professionals to deliver patient-centric and evidence-based care to individuals who are at risk or who have already developed manifestations of cardiovascular disease. Through our model of integration and alignment with cardiovascular physicians we plan to build on the already solid clinical reputation of Louisiana Medical Center and Heart Hospital," said Harry R. Jacobson, M.D., Chairman of CCG's Board. Located in the Greater New Orleans market, 137-bed Louisiana Medical Center and Heart Hospital provides comprehensive acute inpatient and outpatient services to patients in three Louisiana parishes and southern Mississippi counties. It has been recognized as one of the top cardiovascular care hospitals in the country. CCG has committed to making significant capital investments to upgrade the hospital's clinical and information technology systems as it works toward creating a Cardiovascular Center of Excellence. Financial terms of the deal were not disclosed. About Cardiovascular Care Group Cardiovascular Care Group (CCG) is a physician-driven company that partners with cardiovascular physicians to address the fundamental problems in the delivery of care for patients with cardiovascular disease. CCG's goal is to break down the barriers caused by today's fragmented delivery system that have led to suboptimal and more expensive cardiovascular care. From screening to prevention to intervention and management of advanced disease, CCG is committed to an evidence-based and team-based approach to patient care.
Shares of MedCath Corporation (Nasdaq:MDTH) were gapping down Friday morning with an open price 47.9% lower than Thursday's closing price. The stock closed at $14.07 yesterday and opened today's trading at $7.33.