The agreement grants for-profit hospital chain Health Management an 80 percent ownership in the 480-bed Bayfront, with the remaining 20 percent stake owned by the Bayfront HERO foundation, a non-profit subsidiary of Health Management co-governed with Bayfront representatives. Shands Healthcare, part of Gainesville, Fla.-based UF&Shands, will be a clinical partner in the new hospital arrangement.
Health Management has pledged $100 million in capital improvements at Bayfront over the next five years. It unveiled a new logo and a new chief executive, chief operating officer and CFO, according to a report by the Tampa Bay Times.
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