Under the agreement, Prime Healthcare Foundation, which retains a 12-hospital portfolio, will maintain the medical center’s status as an acute care hospital. The organization will also strengthen MRMC’s physician recruitment initiatives and provide a multimillion dollar capital investment in the facility during the next five years.
The Foundation will also be responsible for all management services at the facility until the transaction closes, which officials expect to occur July 1.
“Mission Regional has provided high-quality healthcare to the residents of Hidalgo County and surrounding communities for more than 60 years,” said Prem Reddy, MD, chairman, president and CEO of the Prime Healthcare Foundation. “We recognize the hospital’s successes and will partner with physicians, nurses, employees and the community to preserve this valuable healthcare institution for generations to come.”
More articles on transactions and valuations:
Cleveland Clinic to acquire Union Hospital
Florida Hospital reportedly in talks to acquire Sanford Burnham
Global Medical REIT to acquire Texas specialty hospital and rehabilitation center for $26M
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