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Marion County Hospital District Trustees Approve Definitive Agreement with Health Management Associates

Partnership looks to be completed in the first quarter of 2014

Ocala, Fla. (December 16, 2013) – This evening the Marion County Hospital District Board of Trustees unanimously approved the language of a definitive agreement to enter into a long-term lease with Health Management Associates.  The next step is for the signed definitive agreement by the Trustees to be sent to Health Management’s board for their signature.   The Health Management Audit Committee has approved the transaction with Munroe and has moved it for Board approval on Wednesday, December 18th.

Once signed by Health Management’s Board, the parties expect to complete the new partnership in the first quarter of 2014, subject to the necessary state and local government regulatory approvals. 

“Over the last 6 years, the Board of Directors and Trustees have looked toward Munroe Regional's future and focused on finding the best organization with which to enter into a new long term lease arrangement,” said Jon Kurtz, Chairman of the Marion County Hospital District Trustees. “The Trustees’ goal has been to keep Munroe Regional sustainable and recognized as one of America’s best hospitals for high quality patient care. Today marks a historical day for our associates, physicians, volunteers and community.  This partnership will strengthen Munroe’s future and will allow the medical center to continue its 115-year legacy of providing high quality and safe care to the residents of our community. Much due diligence has been done over the past months and we thank everyone at Munroe Regional for their professionalism and undivided attention to patient care during this process."

 "From the very start the Trustees in their decision making were focused on securing Munroe Regional's long standing reputation for delivering compassionate healthcare of the highest clinical quality to the people of Marion County  and its surrounding communities," said Brian O'Connor, Chairman of the MRHS Board. “On behalf of the Board I'd like to congratulate and commend our Trustees for their tireless efforts in managing this process to a successful conclusion."

“It is a new day for Munroe; it will now have access to needed capital to care for our community going forward.  We would be remiss if we did not recognize and thank the current and past Boards and Administrations whose leadership and decision making contributed to the significant enterprise value of Munroe.  The transaction with Health Management will provide for future capital needs of the Medical Center and will establish a substantial fund to support community health for many years to come,” said Rich Mutarelli, Interim President & CEO.

Under the terms of the definitive agreement signed by the Trustees, Health Management will pay $200 million for the rights to operate Munroe Regional for the next 40 years and commit $150 million to expanding and improving the facility, plus $75 million on maintenance. Health Management will keep Munroe Regional’s existing charity care policy, and the hospital will operate under the guidance of a local Board of Trustees consisting of physicians and local community leaders who share a passion for high quality care and service.  Further, Munroe Regional will begin paying annual property taxes, generating funds to support law enforcement, schools and other local community needs.