The news comes about one month after the board that oversees Bert Fish Medical Center voted to only engage in partnership discussions with Florida Hospital.
Under the agreement, Florida Hospital would pay $40 million and invest an additional $35 million over the next five years into Bert Fish Medical Center. In addition, Bert Fish’s good-standing employees, including executives, would be employed by Florida Hospital “for a reasonable period of time” after the deal closes, according to the report.
As the two hospitals work out the final details of the transaction, a long-term lease or purchase is possible, according to the report.
Joe Benedict, chairman of the Southeast Volusia Hospital District Board of Commissioners, the panel that oversees Bert Fish, told the News-Journal that the process could take six to nine months.
More articles on healthcare transactions:
Bon Secours Virginia Health finalizes acquisition of Rappahannock General Hospital
Bristol Hospital still optimistic after failed Tenet deal
5 recent hospital transactions and partnerships
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.