Bay Medical Center in Panama City, Fla., has signed a letter of intent with Plano, Texas-based LHP Hospital Group and Pensacola, Fla.-based Sacred Heart Health System, according to a News Herald report.
The LOI was approved by Bay Medical's board this morning, as the hospital faces rising expenses of charity care, $115 million in debt and lower reimbursement rates. Under the proposed deal, LHP and Sacred Heart would lease BMC for 40 years.
The board has said negotiations to join the joint venture will take a month or two.
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The LOI was approved by Bay Medical's board this morning, as the hospital faces rising expenses of charity care, $115 million in debt and lower reimbursement rates. Under the proposed deal, LHP and Sacred Heart would lease BMC for 40 years.
The board has said negotiations to join the joint venture will take a month or two.
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