For-profit Community First plans to pay $10 million at closing and spend the remaining $20 million on improvements to 269-bed Our Lady of Resurrection over the next five years. However, the Illinois Health Facilities and Services Review Board, which regulates healthcare construction, must approve the ownership change, according to the report.
In 2013, Our Lady of the Resurrection posted a $9.8 million loss on $107.7 million in revenue, and Presence Health had considered closing the struggling hospital before putting it on the market in March.
Presence signed a letter of intent in July to sell the hospital to Community First.
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