BJC Medical Center may have found the white knight to rescue it from its financial difficulties. The Commerce-based facility announced Tuesday that it has entered a letter of intent with Restoration Healthcare, a Tennessee-based operator of hospitals, that could lead to the sale of BJC Medical Center.
A news release issued Tuesday said Restoration Healthcare has held preliminary meetings with local physicians who have expressed interest in developing a joint venture at BJC.
The news release quoted Steve Clapp, president of Restoration Healthcare, as saying, “We, in partnership with the outstanding physicians, will work hard to make BJC the hospital and nursing home of choice for citizens in Banks, Jackson, and surrounding counties.”
Restoration Healthcare operates each of its hospital locally in a joint venture with local and regional physicians, according to the news release.
The letter of intent is nonbinding. It opens the way for Restoration Healthcare to begin its “due diligence” review of the hospital and nursing home, and the parties will also begin negotiating a formal definitive and binding agreement covering the details of the transaction.
For more details on this story, see the June 24 issue of The Jackson Herald.