Community Medical Center in Missoula, Mont., will donate $10 million from the sale of the hospital to the University of Montana Foundation for healthcare projects, according to KPAX.
Earlier this year, Community Medical Center decided to partner with Billings Clinic RegionalCare LLC, a joint venture between Billings (Mont.) Clinic and Regional Care Hospital Partners, based in Brentwood, Tenn. An agreement has been signed, under which CMC would be sold to the for-profit partnership between Billings/RCHP.
The estimated sale price is about $75 million, and under Montana's antitrust laws, a nonprofit is required to distribute its sale proceeds, according to the report.
Besides the $10 million to the University of Montana Foundation, CMC plans to give an additional $500,000 directly to the University of Montana for healthcare programs at the new Missoula (Mont.) College, and use $1 million to $1.5 million related to ending operations of the CMC Reserve Fund, according to the report.
Most of the remaining $64 million will be held by "CMC, Inc." until the creation of a new Community Hospital Legacy Foundation, which will focus on improving healthcare services in Western Montana, the report reads.
The sale must be approved by the Montana Attorney General's Office.
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