LifePoint buys struggling St. Francis Hospital in Georgia
As part of acquisition deal, LifePoint pays off $200 million loan owed by St. Francis to Department of Housing and Urban Development.
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Tennessee-based LifePoint Health on Monday completed its acquisition of St. Francis Hospital, a Georgia-based hospital that has struggled financially.
While total monetary terms were not released, LifePoint has agreed to pay off a $200 million loan owed by St. Francis to the U.S. Department of Housing and Urban Development.
Hospital board chairman Richard Y. Bradley said the deal will improve the quality of services delivered to patients in the Columbus, Georgia area, as well as fund the hospital's growth.
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All employees at the 376-bed facility have been offered work by LifePoint, pending standard pre-employment screenings.
LifePoint has stated it will make capital investments to expand the hospital's services.
As part of LifePoint, St. Francis will continue its existing charity care policies and a local board of advisors will make sure the community's voice in the governance of the hospital. The hospital will also be a local taxpayer, providing a new source of revenue for the community.
St. Francis, in addition to struggling to pay off HUD the, owed the government another $21 million for failing to comply with federal regulations tied to the loan.
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