Louisville, Ky.-based Baptist Health has acquired Floyd Memorial Hospital in New Albany, Ind., which has been renamed Baptist Health Floyd.
The parties signed an asset purchase agreement in June. Under the agreement, Baptist Health will spend $140 million over the next seven years to expand services at BHF and transition the hospital to an Epic EHR.
Because BHF was owned by Floyd County, the county received approximately $75 million at closing. Baptist will pay an additional $461 million to the county over the next 10 years, with a portion of the funds designated for ongoing healthcare-related needs and activities.
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