Adventist Health System, the parent company of Florida Hospital, announced today it has signed an agreement for the lease of 421-bed Munroe Regional Medical Center and its related outpatient locations and the purchase of certain assets. The transaction is expected to close during the third quarter, and once official, the facility will join the West Florida Division as the second largest hospital in the division and the third largest in Adventist Health System.
'We are excited to bring our unique brand of whole-person, faith-based care to this community,' said Mike Schultz, president and CEO, West Florida Division of Adventist Health System. 'Munroe Regional Medical Center has a long history in this community and is a valuable asset to the region. We look forward to building on that and giving patients greater access to the Florida Hospital network of care.'
The Florida Hospital network includes 27 hospitals, 10 of which are in the West Florida Division and include Florida Hospital Carrollwood, Florida Hospital at Connerton Long Term Acute Care, Florida Hospital Dade City, Florida Hospital Heartland Medical Center Lake Placid, Florida Hospital Heartland Medical Center Sebring, Florida Hospital North Pinellas, Florida Hospital Tampa, Florida Hospital Wauchula, Florida Hospital Wesley Chapel and Florida Hospital Zephyrhills.
Work to complete the transaction will take place over the next few months, allowing time for Adventist Health System and subsidiaries of Community Health Systems to plan for the future of the hospital and to ensure a smooth transition.
'Florida Hospital is a respected health care provider and becoming a part of their organization creates an exciting opportunity for the hospital to become part of a large regional network,' said Jim O'Loughlin, chief executive officer for Munroe Regional Medical Center. 'Working together, we can continue the hospital's commitment to care for the Marion County community, including the indigent and uninsured population, and to provide our patients with access to quality health care services.'
The transaction includes Munroe Regional Medical Center located at 1500 SW 1st Avenue, Ocala, Florida, 34471, as well as a free-standing emergency department and other outpatient locations.
The transaction is subject to customary regulatory approvals. Until the transaction is complete, current ownership will remain in place. Financial terms have not been disclosed.