Dallas-based Tenet Healthcare has submitted a proposal to the Desert Healthcare District to purchase Desert Regional Medical Center in Palm Springs, Calif., according to The Desert Sun.
The Desert Healthcare District owns Desert Regional Medical Center and Tenet runs the hospital under a 30-year lease. The lease expires in 2027, according to the report.
Tenet's proposal to acquire the hospital would involve a financial commitment of $318 million to $380 million. That total includes a base price of $120 million to purchase the hospital at fair-market value, $119 million to $180 million for seismic upgrades and an $80 million investment in local healthcare services and capital projects over the next eight years, according to the report.
The Desert Healthcare District Committee has asked Tenet to resubmit its proposal with additional details.
"We have demonstrated a strong commitment to the Coachella Valley and look forward to continuing to serve the community's healthcare needs into the future," a Tenet spokesperson told The Desert Sun. "We look forward to working collaboratively with the district board members as they evaluate our proposal and make a recommendation to voters in the coming weeks."
Access the full article from The Desert Sun here.
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