LifePoint Hospitals, Inc., the private, rural hospital chain, has purchased nonprofit Clark Regional Medical Center in Winchester, KY, with a promise to build a new $60 million hospital, LifePoint said in a media release.
Financial terms were not disclosed, but the deal is expected to close April 30.
LifePoint, headquartered in Brentwood, TN, agreed to spend about $60 million to build and equip a new, 132,000-square-foot hospital to replace the 100-bed community hospital that was built in 1967. The new hospital is expected to open about two years after construction begins. LifePoint operates 47 acute-care hospitals in 17 states.
"We are excited about the prospect of working with Clark Regional and the Winchester community to build a new healthcare facility to serve the needs of residents," LifePoint CEO William F. Carpenter III said in the media release. "Clark Regional has physicians and staff who are passionately committed to their community. We look forward to having the hospital as part of the LifePoint family and working together to find new ways to grow and serve more people in the East Central Kentucky region."
Clark CEO Bob Fraraccio said LifePoint's "mission and values are very consistent with ours and that was critical to our decision."
"LifePoint operates non-urban hospitals very similar to Clark Regional and has a significant presence in the Lexington area. Most importantly, LifePoint is committed to delivering quality services to meet the needs of our community now and in the future," Fraraccio said. "We believe this partnership is a great fit and will be a strong asset for our community."