US HealthVest Acquires Vista Medical Center West
Innovative Behavioral Health Services Provider Strengthens Chicago Presence
Waukegan, IL, March 1, 2018 – US HealthVest announced the acquisition of Vista Medical Center West from Quorum Health Corporation (NYSE: QHC). Located in Waukegan, Illinois, Vista Medical Center West, previously Provena Saint Therese Medical Center, has provided behavioral health services to the community for over 50 years.
The hospital will be renamed Lake Behavioral Hospital and carries a certificate of need for 46 inpatient psychiatric beds. In response to the urgent need for psychiatric services, US Healthvest has been granted a certificate of need to add 100 inpatient psychiatric beds to the campus. US HealthVest will transform the medical office building on campus into a new 146-bed psychiatric hospital that will offer a full continuum of care to patients of all ages.
“As a leading provider of behavioral health services in Chicago, we look forward to strengthening our existing presence,” said Richard Kresch, M.D., President and CEO of US HealthVest. “This key acquisition gives us the opportunity to expand specialized behavioral health service offerings to all patients, regardless of ability to pay.”
Located in the heart of Waukegan, Lake Behavioral Hospital will continue to provide behavioral health services to patients during the construction of the new hospital. Comprehensive services will include free 24/7 assessments, inpatient and intensive outpatient care. The new hospital project has gained widespread public support. Lake County and surrounding areas are experiencing a severe shortage of behavioral services, forcing many patients to leave the area for treatment.
US HealthVest will invest over $30 million to transform the medical office building into a new 88,000 square foot, 146-bed psychiatric hospital. The hospital will be designed to provide open spaces with daylight, enabling for a safe and therapeutic environment. Shared amenities include activity rooms, therapy spaces and a dining area, along with recreational activity spaces. The hospital, expected to open in the fall of 2019, will create over 150 additional jobs and revitalize the surrounding Waukegan area.
Chicago is a core market for US HealthVest. US HealthVest operates Chicago Behavioral Hospital, a 138-bed psychiatric hospital in Des Plaines, and is developing Silver Oaks Behavioral Hospital, a 100-bed psychiatric hospital, in a joint venture with Silver Cross Hospital in New Lenox. The Vista Medical Center West acquisition allows US HealthVest to strengthen its position in the Chicago market by offering comprehensive service offerings and solidifying relationships with payers and providers.
About US HealthVest
US HealthVest is a leading provider of behavioral healthcare services. US HealthVest operates Chicago Behavioral Hospital, Lake Behavioral Hospital, Smokey Point Behavioral Hospital, Ridgeview Institute-Smyrna, Ridgeview Institute – Monroe and is developing additional psychiatric hospitals across the country. Accredited by The Joint Commission, US HealthVest’s hospitals provide specialized psychiatric care to patients with a full range of inpatient and outpatient services for children, adolescents, adults and senior adults. US HealthVest was founded in 2013 by Dr. Richard Kresch, formerly Founder & CEO of Ascend Health Corporation and Heartland Health Developments. For more information, please visit www.ushealthvest.com.
Richard Kresch, M.D.
President and Chief Executive Officer