Maryville, Tenn.-based Blount Memorial Hospital plans to sell one of its locations to counter mounting financial losses, according to an Oct. 31 report in the Daily Times.
The hospital group, which is expecting 2022 losses of approximately $40 million, plans to sell most of its Springbrook location in Alcoa for $22.25 million to Nashville-based real estate investment trust, Montecito Medical. Blount Memorial, whose staff at the site will not be affected by the move, will retain ownership of one acre of the 5.6 acre complex.
BMH will also retain control for up to 25 years over the property through a leasing arrangement, which encompasses a 68,000-square-foot office building used by BMH and its physicians, the report said.
BMH has been struggling in recent months with low patient admissions.