Manchester, N.H.-based Catholic Medical Center has signed a nonbinding letter of intent to explore a potential merger with Nashville, Tenn.-based HCA Healthcare.
The two organizations will begin exclusive discussions to consider a potential agreement, according to a Sept. 27 CMC news release. Under the proposal:
- CMC would maintain its catholic identity and provide care in accordance with the Ethical and Religious Directives for Catholic Health Care Services.
- CMC's immediate and long-term financial viability would be improved.
- CMC would be provided access to for-profit HCA's capabilities scale and resources
- CMC's existing workforce would be supported with job training, education opportunities and technology.
- A nonprofit foundation would be created to carry on CMC's commitment to serve the community's needs.
The nonbinding agreement is the first step in a well-defined and lengthy process that will involve further due diligence, negotiation of final terms and approvals, the release stated.