The restructuring and acquisition will allow the hospital to meet its financial obligations while continuing to provide care to patients in the community.
Bellevue Hospital, a 50-bed facility, faces many of the current pressures common to rural and independent hospitals, including rising operational costs, access to capital, regulatory complexity and funding constraints.
“If approved, our plan to align ourselves with Firelands Health will help ensure long-term sustainability,” Sara Brokaw, RN, MSN, President and CEO, said in a Feb. 5 news release. “This potential partnership would position us to emerge stronger and better equipped to serve our community. Firelands presented itself as the best fit as they share our mission to ensure access to excellent care and can help us offer our patients a broader range of services.”
Pending the Chapter 11 process and regulatory approvals, Firelands Health will become the sole owner of Bellevue Hospital. This would include capital investments aimed to maintain hospital-based services as well as sustain and expand services at other care sites.
“The proposed plan for Firelands Health to acquire TBH is a natural fit,” Jeremy Normington-Slay, DPT, CEO of Firelands Health, said. “Our cultures are very much aligned, and both organizations are dedicated to providing high-quality, accessible care to the people of this region. We look forward to working with the strong leadership team at TBH and providers and staff to ensure a continuum of care to our patients.”
The acquisition is expected to be completed in the second quarter.