The 91-bed Willamette Falls Hospitals ended its 2007-2008 fiscal year with an operating profit of $650,000, although it had experienced losses the previous four years. The decision to merge was primarily motivated by the hospital’s desire to grow.
The merger should allow Willamette to almost double the size of the facility as part of recently announced plans, and also to obtain new equipment, offer more services and recruit physicians, according to The Oregonian.
Having signed a letter of intent, Willamette Falls and Providence has entered a 90-day due diligence period. The deal could be completed by Feb. 2009.
Providence has already agreed to employ all of Willamette’s 750 employees.
Read The Portland Business Journal’s report on Providence Health & Services upcoming acquisition.
Read The Oregonian’s report on Willamette’s decision to merge.
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.
