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Health & Hospitals

Dec. 22 – Sale of Memorial Health to HCA moved back to late January 2018; YTD less than earlier projected

Category: Health & Hospitals

By Lou Phelps, Savannah Business Journal

December 22, 2017 – The Memorial Health, Inc. Board of Directors held their December meeting at 5:00 p.m. Thursday.  Chairman J. Curtis Lewis III, announced that the sale to HCA will not close by the end of the year, but instead has been delayed until ‘late January.’

“They need to dot the “I’s and cross the “t’s” due to technical issues,” explained Lewis, adding that the hospital’s management team has been “working hard to get ready for the HCA transaction. “It’s a lot of work on everybody’s part,” he added.

The delay in closing is the decision of HCA, and he said that they had not yet signed the Asset Purchase Agreement with HCA, which was just approved on Tuesday by the Georgia state authorities that had to review the sale. 

According to Lewis, there were no material changes to the APA from the publicly-available document. 

Board member Dr. David Byck, head of Memorial’s medical staff, reported that, “the Physicians know about the delay on the closure, and everybody seems to be onboard with the delay.”

Curtis thank Dr. Byck for serving as Chief of Staff, whose term will end soon, for both carrying for administrative as well as clinical duties, “and we’ll look for good work out of your successor,” he added.

Board member Charles McMillan thanked Curtis, on behalf of the entire Board, for his service as Chairman. “You picked up the ball, and ran with it.”

Meanwhile, the hospital system’s financial report shows a loss of only ($19.9 million) through the 11 months ended Nov. 30.  This was $18.7 million unfavorable to budget.  One reason for the reduced loss is that the hospital’s investment portfolio has reported $.6.5 million over budget, with 7.9% investment return rate YTD 11/30/17.

YTD Total Operating Revenue YTD through November was $537 million, versus $529 million in 2016.. Expenses through Nov. 2017 were $590 million versus $566 million in 2016.  Salaries and Benefits in 2017 are running $6.4 million less than 2016; and Supplies were up only $4 million; but ‘Other Expenses” were up significantly, affecting the loss YTD.

However, after the meeting, Acting CEO Kerry Watson stated that a significant portion of the ‘Other Expenses” were one-time expenses relating to the HCA transaction. 

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