Terms of the 40-year lease agreement would require for-profit Health Management to continue Munroe’s current charity care policy, pay property taxes, invest $200 million in capital improvements and manage the hospital under oversight of a local board of trustees. Shands Healthcare, a Gainesville-based clinical partner of Health Management, will acquire up to 20 percent of the hospital.
Leaders of the two organizations expect a definitive agreement to be signed by the fourth quarter of this year, pending regulatory approval. Financial details were not disclosed.
Health Management beat out Brentwood, Tenn.-based Duke LifePoint Healthcare in securing the lease with Munroe in April.
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Truven: Nonprofit Church-Owned Hospitals Have Best Overall Performance
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