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Florida's Bay Medical Center Signs LOI with LHP Hospital Group, Sacred Heart Health

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.

Related Articles on Bay Medical Center, LHP Hospital Group and Sacred Heart:

Florida's Bay Medical Center May Go Private in JV With LHP, Sacred Heart Health
Florida's Bay Medical Center Continues Affiliation Hunt Amidst Budget Cuts
Connecticut's Waterbury Hospital, St. Mary's Health to Merge Under JV With LHP


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