Arizona Heart Institute's bankruptcy plan includes being purchased by Vanguard Health Systems
Although a difficult decision, AHI's founder said it has proven to be a justified option.
As part of its plan for filing bankruptcy, the Arizona Heart Institute said it has come to an agreement to be purchased by Vanguard Health Systems.
Vanguard buying the AHI will come through a section 363 sale and the action still has to be approved by a court. The agreement is part of the latter's bankruptcy reorganization plan, and the organization will be aligned with Abrazo Health Care, which is a subsidiary of the purchasing firm.
"Joining this team allows us to leverage capital and management skills associated with a larger organization, compete for insurance contracts, and ultimately improve patient satisfaction," said AHI medical director Dr. Edward Diethrich.
According to a recent report from the Arizona Republic, AHI has assets listed between $10 million and $50 million, while its liabilities come in at between $1 million and $10 million.
AHI was founded about 40 years ago by Diethrich, who noted that changing from an independent group was a difficult one, but ultimately justified.
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