Vero Beach, Fla.-based Indian River Medical Center selected Chicago-based Juniper Advisory, an investment banking firm, to help facilitate a new partnership by the end of the year, according to the TC Palm.
Three companies, Juniper Advisory, The Chartis Group in Chicago and Portland, Maine- based Stroudwater Associates submitted proposals to the medical center, which included fees for services and a timeline to complete any partnership deal.
Of the three companies, nonprofit IRMC preferred Juniper Advisory's proposal. The proposal includes a $20,000 monthly retainer along with a 1.15 percentage paid at closing. Mary Beth Cunningham, the hospital district chair, told TC Palm Juniper Advisory was a good fit because it specializes in mergers and acquisitions for nonprofit health systems.
If a contract is signed with Juniper Advisory by July 30, IRMC may have a partner by the end of December.