As part of its planned takeover of Florence, Ala.-based Coffee Health Group, RegionalCare Hospital Partners plans to spend $400 million to pay off the two-hospital system's debts and rebuild its flagship, according to a report by theTimes Daily.
In addition to rebuilding 372-bed Eliza Coffee Memorial Hospital, RegionalCare plans to recruit 70 physicians to its medical staff and bring in more specialty services, said an executive at the for-profit hospital operator, based in Brentwood, Tenn.
The board of Coffee Health Group on Feb. 23 approved a letter of intent to sell the facilities to RegionalCare.
RegionalCare's $400 million investment includes $250 million to rebuild the hospital and $150 million to cover Coffee's debts.
Read the Times Daily's report on Coffee Health Group.