Edinburg, Texas-based Doctors Hospital at Renaissance Health System inked a letter of intent to provide operational expertise to the financially strapped Mission (Texas) Regional Medical Center, according to a report from The Monitor.
Under the agreement, DHR will help establish a nonprofit board to guide the hospital through an expansion as a short-term health facility, according to the report. The two hospitals expect to complete a definitive agreement in the coming months, according to the report.
MRMC's financial troubles first surfaced in March 2015 after Standard & Poor's Rating Service downgraded its rating from "BBB" to "BBB-." The medical center's rating was down to "B-" in May 2016. That same month, several physicians from the board told MRMC staff that DHR and a competitor, King of Prussia, Pa.-based Universal Health Services, had made offers to buy the hospital, according to the report.
The status of these bids remains unclear, according to the report.
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