Baylor Scott & White Health has purchased the operations of Lakeway Regional Medical Center, a hospital west of Austin that has at times experienced financial difficulties in the four years since it was founded, for an undisclosed price.
The facility will be renamed Baylor Scott & White Medical Center-Lakeway and the transition will be complete by the end of the summer, according to a July 6 announcement.
The selling entity was LRMC Operating Company. A Tennessee investment firm still owns the real estate after it purchased the facility’s defaulted mortgage more than a year ago.
“We want to provide patients and their families with high-quality and affordable health care and also increasingly be a destination hospital for key specialties,” Philippe Bochaton, CEO of Lakeway Regional Medical Center, said in a phone interview.
Bochaton said he will remain as CEO of Baylor Scott & White Medical Center-Lakeway.
The 106-bed, 271,000-square-foot hospital opened in April 2012. Patient shortages caused revenue shortfalls, and in August 2013 it defaulted on a federal loan. Nashville-based MedEquities Realty Trust Inc. purchased the defaulted loan in early 2015, the Austin American-Statesman reports.
Since then, Lakeway Regional has appeared to regain its financial footing and the surrounding area has attracted more real estate activity. Bochaton said there has been a huge increase in patients treated and surgeries performed in the 14 months since he was hired.