Montana Attorney General Tim Fox has approved a revised plan by Missoula-based Community Medical Center to channel $74 million in charitable assets from the sale of CMC into a joint business venture between Billings (Mont.) Clinic and Brentwood, Tenn.-based RegionalCare Hospital Partners, according to a Missoulian report.
Here are three things to know about the plan.
1. Under the plan, the money will go to the Missoula Community Hospital Legacy Foundation, which will be "organized for the purpose of promoting health and healthcare services to the public in the 'region,' its service area at the time of sale," Gary Chumrau, an attorney hired by CMC, said, according to the report.
2. CMC's plan meets the requirement that proceeds of the hospital sale must go toward charitable purposes that are as near as possible to the mission of the former CMC and in the same geographic area, according to the report.
3. However, the attorney general's approval of the plan is subject to multiple conditions. According to the report, the new foundation, which would be one of the largest nonprofit foundations in Montana history, must:
- Approve a strict conflict-of-interest policy within 90 days of incorporation.
- Acquire a recent community health needs assessment that covers CMC's service area prior to making any distributions to grantees