Sponsored by VMG Health | info@vmghealth.com | 214.369.4888

Boone Memorial Hospital Transfers Operations, Becomes Community-Owned, Non-Profit

On July 1, Boone Memorial Hospital in Madison, W.Va., officially transitioned from a county-owned hospital to a community-operated, non-profit entity.

"Although we have made the change [to a non-profit] we operate exactly the same way," said Tommy Mullins, BMH administrator, in the release. The hospital will be run by a community board of directors, which is currently the same board of trustees that ran the hospital before the transfer, according to the release.

The transition process took more than three years and required approval from the Internal Revenue Service as well as the passing of state legislation. To transfer ownership, Boone County had to sell Boone Memorial Hospital, as it would any other asset. In order for such a sale, the West Virginia Legislature passed a special bill in 2010 allowing the county to make a one-time private sale to the community and its newly-created Boone Memorial Hospital, Inc., according to the Charleston Daily Mail.

More Articles on Hospital Transactions:

Central Maine Healthcare, Mid Coast Hospital Compete to Acquire Parkview Adventist Medical Center
Heywood Hospital, Athol Memorial Hospital to Form Strategic Alliance
Essentia Health to Acquire Deer River Healthcare Center in Minnesota

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars