Michigan Attorney General Mike Cox has approved the sale of eight-hospital Detroit Medical Center to Vanguard Health Systems in a deal valued at $1.5 billion, according to a Detroit Free Press report.
In his report, Attorney General Cox determined that without the sale, DMC would be forced to close its facilities or discontinue services. As part of the approval, DMC must provide written reports for 10 years to a 20-person oversight board on the system's performance. The system must also provide a way for the public to provide feedback, according to the report.
The Attorney General's approval was required because the deal includes the transfer of assets from a non-profit entity to a for-profit one.
The Federal Trade Commission has already approved the deal, which is tentatively scheduled to be completed on Dec. 31. The deal now awaits approval from CMS, which must okay the transfer of billing from a non-profit to a for-profit firm, according to the report.
Read the Detroit Free Press report on Detroit Medical Center.
Read more coverage on Detroit Medical Center:
- Michigan AG: No Timeline for Decision on Detroit Medical Center Sale
- FTC Clears Vanguard's Acquisition of Detroit Medical Center
- Vanguard and Detroit Medical Center Sign Final Agreement
In his report, Attorney General Cox determined that without the sale, DMC would be forced to close its facilities or discontinue services. As part of the approval, DMC must provide written reports for 10 years to a 20-person oversight board on the system's performance. The system must also provide a way for the public to provide feedback, according to the report.
The Attorney General's approval was required because the deal includes the transfer of assets from a non-profit entity to a for-profit one.
The Federal Trade Commission has already approved the deal, which is tentatively scheduled to be completed on Dec. 31. The deal now awaits approval from CMS, which must okay the transfer of billing from a non-profit to a for-profit firm, according to the report.
Read the Detroit Free Press report on Detroit Medical Center.
Read more coverage on Detroit Medical Center:
- Michigan AG: No Timeline for Decision on Detroit Medical Center Sale
- FTC Clears Vanguard's Acquisition of Detroit Medical Center
- Vanguard and Detroit Medical Center Sign Final Agreement