A group of physicians led by Nashat Gabrail, MD, revealed their intent earlier this month to potentially purchase the 156-bed hospital. However, Dr. Gabrail said the funds the group has raised thus far total less than $500,000.
“We need big bucks. We need millions,” Dr. Gabrail said last week. “You don’t have to be an economist to know [the funds raised thus far] aren’t going anywhere.”
Dr. Gabrail said the cost to operate Affinity Medical Center will most likely be between $8 million and $9 million, including staff, security, operating expenses and employee salaries, the report states.
The group of physicians broached the idea of purchasing the hospital shortly after Quorum Health announced its intent Jan. 5 to close the hospital by Feb. 4.
Dr. Gabrail said the plan has lost momentum because physicians currently employed at Affinity are looking for work and are less interested in becoming hospital owners. However, he said the group may consider becoming minority stakeholders if another organization bids to take over the hospital, the report states.
More articles on transactions and valuations:
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Kaufman Hall: Hospital M&A jumped 13% from 2016
Erlanger receives OK to acquire first hospital outside Tennessee: 4 things to know
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