South Nassau Communities Hospital in Oceanside, N.Y., has closed on an asset purchase agreement to acquire the assets of 162-bed Long Beach (N.Y.) Medical Center, which closed in October 2012 after sustaining heavy flooding damage from Hurricane Sandy.
Under the agreement, South Nassau will pay approximately $11.8 million for LBMC's assets. In addition, a letter of understanding was executed with the Federal Emergency Management Agency that would allow the agency to reimburse South Nassau for 90 percent of its investments in developing new healthcare facilities, programs and services in Long Beach and the surrounding area.
"This closing signifies major progress in our effort to fulfill our mission to meet the need for patient-centered healthcare services in Long Beach and surrounding SouthShore communities," said Richard J. Murphy, president and CEO of South Nassau.
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