Exhibit 99.3

FOR IMMEDIATE RELEASE                            Contact:  Deborah H. Frankovich
                                               Senior Vice President & Treasurer
                                                                    281-774-5100

                   PARACELSUS HEALTHCARE CORPORATION CONFIRMS
                 NEW YORK STOCK EXCHANGE DELISTING NOTIFICATION

         HOUSTON,  Texas  (May 23,  2000) -- The New York Stock  Exchange  today
informed Paracelsus Healthcare  Corporation that the Exchange decided to suspend
further  trading of the common stock of Paracelsus and plans to apply to the SEC
to delist the  issue.  Among the  reasons  cited by the  Exchange  were that the
trading  price of the stock was  abnormally  low and that the Company had fallen
below certain of the Exchange's continued listing criteria.

         Paracelsus  is exploring  alternative  public  trading  markets for its
stock.

         Paracelsus   Healthcare   Corporation   was  founded  in  1981  and  is
headquartered in Houston,  Texas.  Including a hospital partnership,  Paracelsus
presently  owns the  stock of  hospital  corporations  that  own or  operate  10
hospitals  in  seven  states  with a total  of 1,287  beds.  Additional  Company
information  may  be  accessed  through   http://www.prnewswire.com   under  the
Company's name.

         Certain statements  contained herein are  "forward-looking  statements"
made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform  Act of 1995.  Forward-looking  statements  involve a number of risks and
uncertainties.  All statements regarding the Company's expected future financial
position,  results  of  operations,  cash  flows,  liquidity,  financing  plans,
business   strategy,   budgets,   projected  costs  and  capital   expenditures,
competitive position,  growth opportunities,  plans and objectives of management
for  future  operations  and  words  such as  "anticipate,"  "believe,"  "plan,"
"estimate,"   "expect,"  "intend,"  "may"  and  other  similar  expressions  are
forward-looking  statements.  Such  forward-looking  statements  are  inherently
uncertain,  and  stockholders  must  recognize  that  actual  results may differ
materially from the Company's  expectations as a result of a variety of factors,
including, without limitation, those discussed below.

         Factors which may cause the Company's  actual results in future periods
to differ  materially from forecast results include,  but are not limited to: i)
Competition  and general  economic,  demographic and business  conditions,  both
nationally  and in the  regions  in which the  Company  operates;  ii)  Existing
government  regulations  and changes in  legislative  proposals  for  healthcare
reform,  including changes in Medicare and Medicaid  reimbursement  levels; iii)
The ability to enter into  managed  care  provider  arrangements  on  acceptable
terms;  iv) Liabilities and other claims  asserted  against the Company;  v) The
loss of any  significant  customer,  including  but not limited to managed  care
contracts; vi) The ability to attract and retain qualified personnel,  including
physicians;  vii) The Company's  ability to develop and consummate an acceptable
and  sustainable  alternative  financial  structure,  considering  the Company's
liquidity and limited  financial  resources;  and viii) The possibility that the
Company  may be forced to file for  protection  under  Chapter 11 of the Federal
Bankruptcy Code or that its creditors could file an involuntary petition seeking
to place the Company in bankruptcy.

         The Company is generally  not required to, and does not  undertake  to,
update or revise its forward-looking statements.