Clinton County commissioners, CMH trustees complete sale of hospital
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BRENTWOOD, Tenn. - Officials at RegionalCare Hospital Partners, the Clinton County Board of Commissioners and the Board of Trustees of Clinton Memorial Hospital jointly announced today the completion of the sale of Clinton Memorial Hospital to RegionalCare Hospital Partners. The transaction was effective at 12:01 on December 1, 2010. This sale follows the action of May 19, 2010 when the Board unanimously approved a resolution selecting RegionalCare Hospital Partners as the buyer for Clinton Memorial Hospital.
Martin S. Rash, Chairman and CEO of RegionalCare Hospital Partners stated, “We are very thankful to have been selected by the board of ClintonMemorial Hospital to be part of the healthcare delivery system in this region. The hospital is pivotal to both the health and economic well being of the community and we look forward to being a good long-term partner. We are honored to be building on the long legacy of care and compassion that the physicians and employees of Clinton Memorial Hospital have provided to the people of Wilmington and southwest Ohio.”
Rash added, “We have made a number of commitments in our agreement we feel are important to both the hospital and the community.” Key points include:
Investment
• Capital investment of 4% of net patient revenue in the facility for the next 15 years
• Hospital’s long-term debt to be paid in full
Access to Care
• Physician recruiting investment of at least $15 million over the next 10 years
• Construction of a 15,000 square foot medical office building for physician practices
Community Partnership
• Payment of $500,000 to the YMCA for facility and wellness program improvements
• Payment of $500,000 to Clinton County economic development
• Commitment of up to $200,000 per year for the medical care for uninsured Clinton County jail prisoners
Mike Curry, president of the Board of Clinton County Commissioners, said, “An exciting new era for Clinton Memorial Hospital is about to begin. As we complete this final step of the transition of our county hospital to RegionalCare Hospital Partners we look forward to new physicians, increased services and a commitment to provide high quality healthcare for our community in southwest Ohio. We welcome RegionalCare Hospital Partners to our county and wish them much success in the future.”
Dr. Michael Choo, CEO of Clinton Memorial Hospital stated, “It is nice to get through the final chapter in this important and historic process. I know it will be a great partnership between CMH and RegionalCare Hospital Partners. I am thankful again to the efforts of the CMH Board of Trustees, the CMH administration and medical staff leadership, the commissioners and all the CMH employees who have been with us in this journey. RegionalCare Hospital Partners indeed represents what will be the great catalyst we need to grow, prosper and serve the healthcare needs of the region.”
Rash added, “I am very thankful for the tireless effort of so many people as we completed this agreement. Specifically I want to thank the Board of County Commissioners, Bob Wagenseller and the entire hospital board, hospital CEO Dr. Choo and the employees of Clinton Memorial Hospital, who have all been great partners as we worked together to get where we are today.”
RegionalCare Hospital Partners is headquartered in Brentwood, Tenn.
BRENTWOOD, Tenn. - Officials at RegionalCare Hospital Partners, the Clinton County Board of Commissioners and the Board of Trustees of Clinton Memorial Hospital jointly announced today the completion of the sale of Clinton Memorial Hospital to RegionalCare Hospital Partners. The transaction was effective at 12:01 on December 1, 2010. This sale follows the action of May 19, 2010 when the Board unanimously approved a resolution selecting RegionalCare Hospital Partners as the buyer for Clinton Memorial Hospital.
Martin S. Rash, Chairman and CEO of RegionalCare Hospital Partners stated, “We are very thankful to have been selected by the board of ClintonMemorial Hospital to be part of the healthcare delivery system in this region. The hospital is pivotal to both the health and economic well being of the community and we look forward to being a good long-term partner. We are honored to be building on the long legacy of care and compassion that the physicians and employees of Clinton Memorial Hospital have provided to the people of Wilmington and southwest Ohio.”
Rash added, “We have made a number of commitments in our agreement we feel are important to both the hospital and the community.” Key points include:
Investment
• Capital investment of 4 percent of net patient revenue in the facility for the next 15 years
• Hospital’s long-term debt to be paid in full
Access to Care
• Physician recruiting investment of at least $15 million over the next 10 years
• Construction of a 15,000 square foot medical office building for physician practices
Community Partnership
• Payment of $500,000 to the YMCA for facility and wellness program improvements
• Payment of $500,000 to Clinton County economic development
• Commitment of up to $200,000 per year for the medical care for uninsured Clinton County jail prisoners
Mike Curry, president of the Board of Clinton County Commissioners, said, “An exciting new era for Clinton Memorial Hospital is about to begin. As we complete this final step of the transition of our county hospital to RegionalCare Hospital Partners we look forward to new physicians, increased services and a commitment to provide high quality healthcare for our community in southwest Ohio. We welcome RegionalCare Hospital Partners to our county and wish them much success in the future.”
Dr. Michael Choo, CEO of Clinton Memorial Hospital stated, “It is nice to get through the final chapter in this important and historic process. I know it will be a great partnership between CMH and RegionalCare Hospital Partners. I am thankful again to the efforts of the CMH Board of Trustees, the CMH administration and medical staff leadership, the commissioners and all the CMH employees who have been with us in this journey. RegionalCare Hospital Partners indeed represents what will be the great catalyst we need to grow, prosper and serve the healthcare needs of the region.”
Rash added, “I am very thankful for the tireless effort of so many people as we completed this agreement. Specifically I want to thank the Board of County Commissioners, Bob Wagenseller and the entire hospital board, hospital CEO Dr. Choo and the employees of Clinton Memorial Hospital, who have all been great partners as we worked together to get where we are today.”
RegionalCare Hospital Partners is headquartered in Brentwood, Tenn.
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