The Sebastopol, Calif.-based Sonoma West Medical Center board approved a Florida-based startup's letter of intent to purchase the financially struggling medical center, according to the Sonoma West Times & News.
Americore Health's letter of intent has binding and nonbinding provisions. While the hospital board maintains authority to approve or disapprove of the binding provisions, the nonbinding provisions require approval by a majority of the district's taxpayers before the LOI is confirmed, according to the article.
Until the district votes to approve the LOI in its entirety, Americore officials said they plan to lease less than 50 percent of the hospital and assume control of certain management functions. Officials also said they plan to bring new laboratory, telemedicine, substance abuse, rehabilitation and veterans services to the medical center once the deal is finalized, according to the article.
"It's no secret that cash is tight," said SWMC Interim CEO Luke Tharasri. "We have been looking for opportunities to bring in capital immediately. This is the real deal. Americore can bring capital into the game quickly."