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HCA ups bid to take over Florida hospital to $461M

Nashville, Tenn.-based HCA Healthcare jacked up its bid to assume control of Vero Beach, Fla.-based Indian River Medical Center by $46 million to $461 million, the highest offer officials have received, a hospital consultant told TCPalm Monday.

Here are five things to know about the bids.

1. The hospital board and the Indian River County Hospital District board will meet separately Tuesday to select their choice among four finalists competing to take over IRMC.

2. The finalists include:

  • HCA Healthcare, which increased its final bid to $461 million from $415 million.
  • Cleveland Clinic, which raised its final bid to $302 million to $352 million, up from $102 million plus an unspecified capital investment.
  • Orlando (Fla.) Health, which offered $302 million, up from $140 million to $260 million.
  • Adventist Health System (Altamonte Springs, Fla.), whose final offer increased to $402 million to $427 million, up from $302 million to $352 million.

3. A consultant hired by the hospital told TCPalm officials expect to sign a nonbinding letter of agreement with the selected health system in early February and expect to close the sale by August.

4. All four health systems have reportedly indicated they plan to continue essential services at the facility. HCA, Cleveland Clinic and Orlando Health reportedly proposed retaining all IRMC employees, while Adventist Health agreed to employ "all 'front-line' employees," according to the report.

5. Cleveland Clinic and Adventist Health proposed the hospital will continue receiving tax support from the district, while HCA and Orlando Health did not.

To access the full report, click here.

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