White County Memorial Hospital in Monticello, Ind., has merged with Indianapolis-based Indiana University Health, according to a Journal and Courier report.
The 25-bed, county-owned hospital owes $40 million in debt, which would become the county's responsibility if the hospital defaults.
Under the agreement with IU, the county will receive a reimbursement of $955,000 for the cost of the land where the hospital is located. IU Health, a 17-hospital system, has made a commitment to allow the local hospital board to approve any additions to or removals of hospital services.
An IU Health spokesperson said the system has no plans to cut services but only to add them, according to the report.
"Healthcare is changing quickly, and we've reached a point where the best partner for a hospital is not necessarily with the county," Stephanie Long, CEO of the hospital, said in the report. "In addition this will relieve the county of the debt in association with the hospital."
Read the Journal and Courier report on IU Health and White County Memorial Hospital.
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New Jersey's Warren Healthcare to Join St. Luke's Hospital and Health Network
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The 25-bed, county-owned hospital owes $40 million in debt, which would become the county's responsibility if the hospital defaults.
Under the agreement with IU, the county will receive a reimbursement of $955,000 for the cost of the land where the hospital is located. IU Health, a 17-hospital system, has made a commitment to allow the local hospital board to approve any additions to or removals of hospital services.
An IU Health spokesperson said the system has no plans to cut services but only to add them, according to the report.
"Healthcare is changing quickly, and we've reached a point where the best partner for a hospital is not necessarily with the county," Stephanie Long, CEO of the hospital, said in the report. "In addition this will relieve the county of the debt in association with the hospital."
Read the Journal and Courier report on IU Health and White County Memorial Hospital.
Related Articles on Hospital M&A:
New Jersey's Warren Healthcare to Join St. Luke's Hospital and Health Network
Virginia's Sentara Healthcare and Rockingham Memorial Finalize Merger
Kentucky's Appalachian Regional to Acquire Mary Breckinridge Hospital