Sponsored by VMG Health | info@vmghealth.com | 214.369.4888

TriHealth, McCullough-Hyde Memorial Hospital agree to affiliate

Cincinnati-based TriHealth and McCullough-HydeMemorialHospital in Oxford, Ohio have signed a letter of intent to affiliate.

As part of the affiliation, TriHealth will have a 60 percent membership interest in McCullough-Hyde. The hospital will remain a nonprofit, tax-exempt organization.

"For two years now, our Board has worked hard to find the right path for our hospital in this time of unprecedented change in the healthcare industry," said Richard Norman, chairman of McCullough-Hyde's board of directors. "We strongly believe an affiliation with TriHealth is that path."

Once TriHealth and McCullough-Hyde enter into a definitive agreement, TriHealth will make a $17 million commitment to the hospital, including $9.5 for an information technology system and $3.5 million to expand clinical services.

The two organizations hope to finalize details of the affiliation by Jan. 1, 2015.

More articles on healthcare industry transactions:

Alecto Healthcare Services to acquire Texas Health Presbyterian Hospital-WNJ
M&A success for tax-exempt healthcare organizations: Changing your executive compensation programs to fit the new landscape
Maui Memorial Medical Center in partnership talks with Kaiser Permanente Hawaii, Hawaii Pacific Health

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars