Indian River Medical Center, a 332-bed nonprofit hospital in Vero Beach, Fla., is looking to affiliate with a nonprofit partner to help the financially struggling hospital stay afloat, according to a TCPalm report.
The ideal partner would be able to provide a significant cash infusion and maintain all of the hospital's current programs and services, officials said. Selling the hospital is not on the table.
Officials hired a consulting company to examine the hospital's financial options, according to the report. The firm will present its findings to the Indian River County Hospital district board of directors and the hospital operator's board of directors Aug. 23.
The firm's initial findings suggest the hospital requires a $235 million cash infusion to continue operations, according to the report.
Officials also said competition from larger systems has financially affected the hospital. Nearby facilities include Sebastian (Fla.) Regional Medical Center, which is owned by Boston-based Steward HealthCare, and Lawnwood Regional Medical Center & Heart Institute in Fort Pierce, Fla., which is owned and operated by Nashville-based HCA Healthcare.