Steward Health Care System moves to buy Mercy Hospital in ME
Steward Health Care System LLC, which has amassed a chain of 10 community hospitals in Massachusetts, signed a letter of intent to buy financially struggling Mercy Health System of Maine from a Catholic hospital group. The letter, which does not spell out financial terms, gives Boston-based Steward exclusive rights to negotiate with Mercy’s owner, Catholic Hospital East, a Pennsylvania-based network of 35 hospitals and other healthcare facilities operating in 11 states from Maine to Florida. If the talks succeed, the parties would reach an asset purchase agreement converting 140-bed Mercy from a nonprofit to investor-owned. The deal would be subject to approval by Maine regulators as well as Vatican officials.
- Antibiotic Overuse a 'Huge Threat' to Patient Safety, Says CDC
- CFO Exchange: Smartphones Poised to Disrupt Healthcare, Says Topol
- Consumerism Drives Healthcare Branding, Rebranding Efforts
- 3 Traits Personality Assessments Can't Reveal
- PA Ranks See 'Phenomenal Growth,' Lack of Diversity
- CHS Hacked, 4.5M Patient Records Compromised
- Business Roundup: M&A Activity Down Slightly in First Half of 2014
- CFO Exchange: Healthcare Leaders Share 5 Innovative Ideas
- CNO on Hospital Redesign: 'You Can't Over-Communicate'
- Large Employers Trimming Healthcare Spending