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.
