Non-profit Phoebe Putney Hospital in Albany, Ga., plans to spend $195 million to buy Palmyra Medical Center, a for-profit also in Albany, according to an Albany Herald report.
Phoebe approached Palmyra’s parent company, Nashville, Tenn.-based Hospital Corporation of America, with an offer to acquire the 248-bed hospital. HCA agreed to enter the agreement, and the Hospital Authority of Albany-Dougherty County (Ga.) unanimously voted to allow the transaction.
The transaction is not yet official since it still has to meet federal regulatory standards. It is expected to be completed in January. As a result of the acquisition, Palmyra will become a non-profit hospital and the name will be changed to Phoebe North.
Read the Albany Herald report on Phoebe Putney’s acquisition of Palmyra Medical Center.
Read more about hospital mergers and acquisitions:
– Merger Talks Stall Between Caritas Christi and Landmark Medical Center
– 5 Tips for Leading a Hospital Through a Merger or Sale
– 14 Recent Hospital & Healthcare Mergers, Acquisitions and Affiliations
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
