After a 23-year joint operating agreement, Orlando (Fla.) Health will assume full control of South Lake Hospital, a 170-bed facility in Clermont, Fla., according to the Orlando Sentinel.
As part of the deal, Orlando Health will invest $128 million into a new foundation that will boost healthcare service offerings in the region and also pledged to commit $99 million for capital improvements in southern Lake County.
"This agreement represents a defining moment in South Lake County healthcare," John Moore, president of South Lake Hospital, told the Orlando Sentinel. "It allows us to strategically plan for the future with one of the top healthcare organizations in the region, while maintaining the culture of South Lake Hospital."
The two organizations created a joint operating partnership in 1995, with Orlando Health assuming control of day-to-day operations and 50 percent board representation.