Sponsored by VMG Health | info@vmghealth.com | 214.369.4888

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:
HealthSouth, University Medical Center to build 40-bed Texas hospital through joint venture
10 recent hospital transactions and partnerships
Ochsner to continue management of St. Bernard Parish Hospital

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Featured Webinars

Featured Whitepapers