Brentwood, Tenn.-based Quorum Health signed a letter of intent to buy a Missouri hospital from St. Louis-based SSM Health. If the transaction is finalized, it would be the for-profit operator's first hospital in Missouri.
The two health systems now enter a period of exclusive negotiations over the sale of SSM Health St. Mary's Hospital in Jefferson City, Mo., and its associated medical group practices.
The two parties are aiming to reach a definitive agreement in the second quarter of 2021, according to the Nov. 10 news release.
"Quorum Health shares our desire to bring secure, sustainable care to this community. Our conversations with them thus far have been very impressive in terms of their dedication to supporting clinicians, hospital employees and the community," said SSM Health Regional President Mike Baumgartner. "We have the best interests of our employees, providers and the community at heart, and we are confident that Quorum Health is a strong partner for continuing and deepening service to all."
The definitive agreement comes about four months after Quorum emerged from bankruptcy. The health system filed for bankruptcy in early April and entered into an agreement to reduce its debt load by about $500 million. The hospital emerged from bankruptcy July 7.