MedCath Corporation Reports Temporary Service Interruption at Arizona Heart Hospital
December 14 2005 - 7:30AM
PR Newswire (US)
CHARLOTTE, N.C., Dec. 14 /PRNewswire-FirstCall/ -- MedCath
Corporation (NASDAQ:MDTH), a healthcare provider focused on the
diagnosis and treatment of cardiovascular disease, today reported
that patient services at its Arizona Heart Hospital, Phoenix, will
be temporarily reduced due to water damage incurred last week. The
hospital experienced limited water damage when the hospital's
sprinkler system discharged to extinguish a small fire that began
in hospital's utility room. No injuries occurred to patients or
hospital employees. However, water damage was incurred in several
patient care areas that will limit the hospital's services during
the short-term. "We are extremely grateful that no patients or
employees were harmed by this incident," said John Casey, MedCath's
Chairman and Chief Executive Officer. "We are working with our
insurance carrier to assess its financial impact, and anticipate
that we will resume full patient services by December 31." Arizona
Heart Hospital is a 59-bed facility located in Phoenix, Arizona.
The hospital began operating in the 1998, and has been recognized
several times for the level of care provided, most recently being
named a 2005 Solucient Top 100 cardiovascular program. MedCath
Corporation, headquartered in Charlotte, N.C., develops, owns and
operates hospitals in partnership with physicians, most of whom are
cardiologists and cardiovascular surgeons. While each of its
hospitals is licensed as a general acute care hospital, MedCath
focuses on serving the unique needs of patients suffering from
cardiovascular disease. Together with its physician partners who
own equity interests in them, MedCath owns and operates 12
hospitals with a total of 727 licensed beds, located in Arizona,
Arkansas, California, Louisiana, New Mexico, Ohio, South Dakota and
Texas. In addition to its hospitals, MedCath provides
cardiovascular care services in diagnostic and therapeutic
facilities located in various states and through mobile cardiac
catheterization laboratories. Parts of this announcement contain
forward-looking statements that involve risks and uncertainties.
Although management believes that these forward- looking statements
are based on reasonable assumptions, these assumptions are
inherently subject to significant economic, regulatory and
competitive uncertainties and contingencies that are difficult or
impossible to predict accurately and are beyond our control. Actual
results could differ materially from those projected in these
forward-looking statements. We do not assume any obligation to
update these statements in a news release or otherwise should
material facts or circumstances change in ways that would affect
their accuracy. Risks and uncertainties that should be considered
prior to making an investment decision with respect to securities
issued by MedCath Corporation are described in detail in Exhibit
99.1 to our Annual Report on Form 10-K filed with the Securities
and Exchange Commission on December 14, 2004. A copy of this
report, including exhibits, is available on the Internet site of
the Commission at http://www.sec.gov/. These risks and
uncertainties include, among others, the impact of proposed
legislation to extend the provisions of the Medicare Prescription
Drug Improvement Act of 2003 and other healthcare reform
initiatives, possible reductions or changes in reimbursements from
government or third party payors that would decrease our revenue,
greater than anticipated losses at new hospitals during the ramp up
period, a negative finding by a regulatory organization with
oversight of one of our hospitals, and changes in medical or other
technology and reimbursement rates for new technologies.
DATASOURCE: MedCath Corporation CONTACT: John T. Casey, Chairman
and Chief Executive Officer, +1-704-708-6600, or James E. Harris,
Chief Financial Officer, +1-704-708-6600, both of MedCath
Corporation Web site: http://www.medcath.com/ http://www.sec.gov/
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