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Cortland Regional Medical Center, Guthrie to explore affiliation


Cortland (N.Y.) Regional Medical Center, a 162-bed hospital, and Guthrie, a four-hospital system in Sayre, Pa., signed a nonbinding letter of intent to explore a definitive affiliation Sept. 27.

The organizations will enter into a period of due diligence to outline a plan toward a definitive affiliation agreement.

Cortland Regional officials spent 20-plus months searching for an affiliate. The hospital began its search for a partner in October 2016 and sent a request for proposals to interested parties in December 2016.

Cortland Regional Medical Center President and CEO Mark Webster said Guthrie already pledged a $41 million commitment to improve CRMC's technology infrastructure.

Officials did not reveal a timetable for the completion of the due diligence period. The exact financial terms of the deal were also not disclosed.

More articles on transactions and valuations:
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