Under the deal, expected to close March 1, McCready Hospital will end inpatient services and transition to a freestanding medical facility.
“The financial reality is that McCready does not maintain a daily census of patients sufficient to support the services required to qualify as a hospital as defined by the CMS,” said Kathleen Harrison, CEO of McCready Health. “The path to keeping healthcare services in the county became clear: McCready needed to merge with an established and supportive partner like the Peninsula Regional Health System and transition to a [freestanding medical facility].”
The freestanding medical facility will still offer 24/7 emergency care, physical therapy, behavioral health services, outpatient visits and laboratory services.
This is the second deal closed by Peninsula Regional Health this year. The Maryland health system absorbed Nanticoke Health System in Seaford, Del., Jan. 1.
More articles on transactions and valuation:
Northwell acquires oncology practice
Mayo Regional, Northern Light Health merger gets state approval
Partners HealthCare inks deal with One Medical to expand primary care
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
