Along with the memorandum, the church and MMC will file a letter of intent with the state HHS department certificate of need unit. Officials said they expect to complete the ownership transfer by the end of the summer, pending regulatory approval.
Officials added Saint Joseph’s would continue to operate as a free-standing facility once the transaction closes.
“Our hospital depends on facilities like Saint Joseph’s to provide patients with a continuum of quality care,” MMC President and CEO Richard Peterson said in a statement. “We can do amazing things for people with today’s technology, but not everybody we treat is ready to go home following their care at Maine Medical Center. It’s important that those patients are able to get the quality skilled nursing care they need. Additionally, many of our elderly Portland residents require long-term care.”
More articles on transactions and valuations:
63 recent hospital transactions and partnerships in May
Physicians group defends $2.4B offer for Lutheran Health Network
Mount Sinai, CHOP collaborate on fetal medicine program, cardiac care
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.
