Public trading of shares for the Naples-based Health Management Associates chain ended Monday, as its multibillion-dollar sale neared completion. HMA’s 23 hospitals will now be added to the Community Health Systems’ chain.
The New York Stock Exchange suspended trading of the HMA stock, which has been converted into shares for its new parent company, Community Health Systems, according to corporate disclosure statements.
The move signals that HMA has cleared all outstanding business and is officially operating as part of the CHS chain. The more-visible transition of HMA hospitals, including Bayfront Medical Center in St. Petersburg, will take place in the coming months.
The Tennessee-based chain is one of the nation’s largest, with 206 hospitals in 29 states. However, prior to this sale, it only operated two facilities in Florida. Common stock of the chain will continue to be traded on the exchange under the ticker symbol CYH.
HMA’s sale does not stop an ongoing U.S. Department of Justice investigation, which is looking at allegations that hospitals improperly billed Medicare and offered kickbacks to doctors for admitting a significant number of patients.