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CHI Memorial to acquire Georgia hospital

CHI Memorial in Chattanooga, Tenn., part of Englewood, Colo.-based Catholic Health Initiatives, has signed a definitive agreement to acquire Cornerstone Medical Center in Fort Oglethorpe, Ga., formerly known as Hutcheson Medical Center.

CHI Memorial began managing Cornerstone Medical Center in August at the request of the hospital's owner, Atlanta-based ValorBridge. ValorBridge purchased the hospital out of bankruptcy in 2015.

Larry Schumacher, CHI Memorial CEO and senior vice president of operations of CHI's Southeast Division, expressed excitement about the deal Friday.

"With this acquisition, Cornerstone will become part of an integrated health system with more than 3,500 employees and 661 medical staff members. This will enable physicians and associates at Cornerstone and CHI Memorial to collaborate and innovate in order to improve the delivery of efficient and effective inpatient and outpatient care across a broad geographical region," he said.

CHI Memorial's definitive agreement to acquire the hospital has an effective date of Dec. 29. At the same time, CHI Memorial has acquired the former Hutcheson on the Parkway, an ambulatory surgery center in Ringgold, Ga.

Under the deal, Cornerstone Medical Center has been renamed CHI Memorial Hospital – Georgia, and the ambulatory surgery center has been renamed CHI Memorial – Parkway.

More articles on healthcare industry transactions:

Jay County Hospital to join IU Health in March
12 recent hospital transactions and partnerships
HCA, Cleveland Clinic among finalists to take over Florida hospital


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