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Cleveland Clinic pushes takeover of Florida hospital back up to 2 months

Cleveland Clinic is expected to close on its acquisition of Vero Beach, Fla.-based Indian River Medical Center in September or October, officials said June 8, according to TCPalm.

Here are three things to know:

1. An Indian River County Hospital District official told TCPalm June 8 the hospital and Cleveland Clinic are expected to sign a deal for the transaction in July and close the deal in September or October. The closing date was pushed back from Aug. 31 because due diligence research has taken longer than expected, the report states.

2. As part of the deal, Cleveland Clinic will take over the district's lease with IRMC Inc., a private nonprofit that currently operates the hospital and its associated facilities. Cleveland Clinic will also be in charge of all hospital operations.

3. IRMC officials selected Cleveland Clinic to run the hospital in January. The health system was one of four organizations to bid for the hospital, including Nashville, Tenn.-based HCA Healthcare and Orlando (Fla.) Health.

More articles on transactions and valuations:
9 recent healthcare partnerships and transactions
ProMedica begins acquisition process for HCR ManorCare: 4 things to know
Reshaping healthcare M&A: 4 insights

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