Regional Health Network of Kentucky and Southern Indiana, a joint venture of LifePoint Health and Norton Healthcare, has acquired Jeffersonville, Ind.-based Clark Memorial Hospital.
Regional Health Network will invest a minimum of $80 million in capital and technology improvements at CMH over the next decade. The network will also fund CMH's debt, including its pension obligations.
As part of the agreement, Regional Health Network offered employment to all CMH employees, adopted CMH's charity care policies and will create a board with CMH members, Regional Health Members and the community.
CMH will become a tax-paying entity, which will support the local community.
"Our team spent the last several months analyzing this partnership to ensure it is the right fit for our hospital and the communities we serve," said CMH CEO and president Martin Padgett. "That process only strengthened our belief that Norton Healthcare and LifePoint Health are the ideal strategic partners for us. We are delighted to officially join Regional Health Network."