The ideal partner would be able to provide a significant cash infusion and maintain all of the hospital’s current programs and services, officials said. Selling the hospital is not on the table.
Officials hired a consulting company to examine the hospital’s financial options, according to the report. The firm will present its findings to the Indian River County Hospital district board of directors and the hospital operator’s board of directors Aug. 23.
The firm’s initial findings suggest the hospital requires a $235 million cash infusion to continue operations, according to the report.
Officials also said competition from larger systems has financially affected the hospital. Nearby facilities include Sebastian (Fla.) Regional Medical Center, which is owned by Boston-based Steward HealthCare, and Lawnwood Regional Medical Center & Heart Institute in Fort Pierce, Fla., which is owned and operated by Nashville-based HCA Healthcare.
More articles on transactions and valuations:
Wellmont, MSHA leaders say merger remains ‘critical’
Foundation Health Partners joins Mayo Clinic Care Network
Highlands Regional Medical Center affiliates with University of Kentucky cancer center
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.
