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Bert Fish, HMA Sign Letter of Intent

Naples, Fla.-based Health Management Associates has signed a letter of intent with the Southeast Volusia Hospital District to enter into a long-term lease with Bert Fish Medical Center in New Smyrna Beach, Fla.

The agreement is part of the due diligence process toward a definitive agreement, which Bert Fish and Health Management expect to execute by the end of this year. The proposed partnership still needs state and local government regulatory approvals.

Under the lease agreement, Bert Fish Medical Center will forego taxpayer support after seven years, potentially eliminating the need for local hospital taxes. Under negotiating terms established in June, Health Management will spend $50 million in immediate facility improvements and another $40 million over the next 10 years, while maintaining current levels of staff, compensation and charity care. It would receive input from an advisory board of community members but would not be subject to Sunshine Laws requiring open public meetings.

More Articles on Hospital Acquisitions:
Grays Harbor Hospital Affiliates With MultiCare 
Longmont United Hospital to Purchase Clinic 
6 Recent Hospital Transactions and Partnerships 

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