Teche Regional Medical Center in Morgan City, La., is looking for a new management company after Brentwood, Tenn.-based LifePoint Health proposed to terminate its lease agreement with the hospital, according to the Franklin Banner-Tribune.
In August, LifePoint completed the sale of three Louisiana hospitals, leaving Teche Regional Medical Center as its only hospital in the state. LifePoint would like to exit the Louisiana market and has reached a proposed agreement with the local healthcare district to relinquish the remainder of its 40-year lease of Teche Regional Medical Center as of Dec. 31. LifePoint has managed Teche Regional since 2005.
The district board's lawyer confirmed Oct. 5 that the board contacted the following three health systems about succeeding LifePoint in managing Teche Regional: New Orleans-based Ochsner Health System, New Orleans-based LCMC Health and Baton Rouge, La.-based Franciscan Missionaries of Our Lady Health System.
On Oct. 9, board members voted unanimously to exclusively negotiate with Ochsner on an interim management agreement and long-term lease of Teche Regional, according to the Franklin Banner-Tribune.
"Everybody can feel relieved," Board Chairman Heath Hoffpauir said at the Oct. 9 meeting. "Now we can finish the deal, save the hospital."
More articles on healthcare industry transactions:
For-profit hospital operator M&A update: 17 latest deals involving CHS, Tenet, HCA and LifePoint
OhioHealth to assume management of 84-bed hospital
Spectrum Health finalizes merger with 3-hospital system