Earlier this year, Community Medical Center decided to partner with Billings Clinic RegionalCare LLC, a joint venture between Billings (Mont.) Clinic and Regional Care Hospital Partners, based in Brentwood, Tenn. An agreement has been signed, under which CMC would be sold to the for-profit partnership between Billings/RCHP.
The estimated sale price is about $75 million, and under Montana’s antitrust laws, a nonprofit is required to distribute its sale proceeds, according to the report.
Besides the $10 million to the University of Montana Foundation, CMC plans to give an additional $500,000 directly to the University of Montana for healthcare programs at the new Missoula (Mont.) College, and use $1 million to $1.5 million related to ending operations of the CMC Reserve Fund, according to the report.
Most of the remaining $64 million will be held by “CMC, Inc.” until the creation of a new Community Hospital Legacy Foundation, which will focus on improving healthcare services in Western Montana, the report reads.
The sale must be approved by the Montana Attorney General’s Office.
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