According to Florida Today, the health system's financial report covering the period from Oct. 1, 2008, to Sept. 1, 2009, showed that the 115-bed hospital opened by Wuesthoff in Melbourne in 2002 has been a financial burden on the company.
The Melbourne hospital had $48.1 million in assets and $66 million in liabilities, and suffered an operating loss of nearly $800,000 for the year, according to the state records.
"Health Management presented us with a solid proposal, and after careful consideration, we believe this is the best option for the residents of Brevard County, because they share our commitment to quality, affordable, and accessible healthcare" said Emil Miller, president/CEO Wuesthoff.
"This transaction will enable our associates, physicians, and volunteers to continue delivering quality care with the resources Health Management has to offer," Miller continued. "We appreciate the compassionate care that our associates have provided our patients and their families throughout the years and feel confident the excellent staff that has been assembled will continue to be an invaluable asset."
The deal marks Naples, FL-based HMA's second affiliation with a not-for-profit hospital or health system in Florida in the last two months. On May 27, the hospital chain paid $21.4 million for a 60% controlling interest in Shands HealthCare and its three money-losing hospitals.