The University of Louisville (Ky.) has returned to the negotiating table to buy the local Jewish Hospital and affiliated entities for $10 million, backed by a 20-year, $50 million loan from the state and $40 million from the Sts. Mary and Elizabeth Hospital Foundation, according to the Louisville Courier Journal, which obtained a draft of the deal.
U of L told the Courier Journal the document is a draft, and the deal still needs to be approved by the board.
U of L withdrew from negotiations with hospital owner KentuckyOne earlier this year because it was unable to buy the assets alone and it couldn't find a partner. The bundle included Jewish Hospital, Sts. Mary and Elizabeth Hospital, Our Lady of Peace, and Jewish Hospital Shelbyville. It was a tough sell because Jewish Hospital and St. Mary's Healthcare posted $29 million in losses in the last six months of 2018, and Jewish Hospital would require millions of dollars of upgrades. A previous Courier Journal report pegged estimated repairs at around $300 million to $500 million.
The potential transaction would combine Jewish Hospital and U of L into one enterprise and integrate their physician groups, according to the Courier Journal.
Read the full story here.
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