The board of directors of Coffee Health Group, based in Muscle Shoals, Ala., has accepted a letter of intent to sell its healthcare facilities, including Shoals Hospital and Eliza Coffee Memorial Hospital to RegionalCare Hospital Partners, a for-profit hospital operator based in Brentwood, Tenn., according to a report by the Times Daily.
Under the agreement, RegionalCare will pay off Coffee’s $140 million debt and construct a new hospital in the area. RegionalCare has agreed to begin the certificate of need process for the new facility as soon as the agreement is finalized, according to the report.
The sale is now awaiting approval of county and city councils, both of which have final authority over the properties.
Read the Times Daily’s report on Coffee Health Group.
Presenters: Alla LaRoque, HaloMDMegan Rausch, HaloMDPatrick Velliky, HaloMD
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