Michigan Attorney General Bill Schuette has approved the $483 million sale of non-profit Marquette (Mich.) General Hospital to for-profit Duke Lifepoint in Brentwood, Tenn.
The sale allows Marquette General to pay off its liabilities, including more than $100 million in long-term debts and unfunded pensions; provides $23 million to the Marquette General Foundation, which will be renamed Superior Health Foundation; and provides hundreds of millions for hospital projects over the next 10 years, such as recruiting physicians, preserving core services and improving quality.
Mr. Schuette's approval comes with a couple of provisions, including that Duke Lifepoint pay an additional $8 million to Superior Health Foundation, which brings it to the $23 million total, and that Duke LifePoint provide Superior Health with detailed reports regarding hospital operations for at least 10 years. In addition, Mr. Schuette is requiring both hospitals to recognize his continuing authority to enforce the terms of the sale. He will designate a board member to the Superior Health Foundation to enforce this authority, according to the release.
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The sale allows Marquette General to pay off its liabilities, including more than $100 million in long-term debts and unfunded pensions; provides $23 million to the Marquette General Foundation, which will be renamed Superior Health Foundation; and provides hundreds of millions for hospital projects over the next 10 years, such as recruiting physicians, preserving core services and improving quality.
Mr. Schuette's approval comes with a couple of provisions, including that Duke Lifepoint pay an additional $8 million to Superior Health Foundation, which brings it to the $23 million total, and that Duke LifePoint provide Superior Health with detailed reports regarding hospital operations for at least 10 years. In addition, Mr. Schuette is requiring both hospitals to recognize his continuing authority to enforce the terms of the sale. He will designate a board member to the Superior Health Foundation to enforce this authority, according to the release.
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