Cleveland Clinic agrees to invest $250M in Florida hospital

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Cleveland Clinic would invest $250 million in Vero Beach, Fla.-based Indian River Medical Center over the next 10 years if it takes over the hospital, according to TCPalm.

In addition to the investment, Cleveland Clinic agreed to assume $102 million in liabilities as part of its proposed takeover of the county-owned hospital. Cleveland Clinic also agreed not to sell the hospital for 10 years, to maintain key services and to retain all of the hospital's 1,700 employees, according to the report.

The boards that oversee Indian River Medical Center are slated to vote on the deal Oct. 3. If approved, the transaction is expected to close in early 2019, and the hospital's name would be changed to Cleveland Clinic Indian River Hospital, according to TCPalm

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