Twin City Hospital announces pending sale
Twin City Hospital Interim CEO Frank Swinehart recently announced the pending sale of the hospital to Trinity Hospital Twin City, an affiliate of the Franciscan Services Corporation, which is based in Sylvania. The Twin City Hospital board of trustees approved the sale during a recent special meeting.
Established in 1984, Franciscan Services Corporation (FSC) is the formal expression of the sponsored health and human services ministry of the Sisters of St. Francis. FSC member organizations, located in Ohio, Texas and Kentucky, include five hospitals, seven long-term care facilities, four assisted living facilities, independent senior housing, a counseling center, and a long-term shelter for victims of domestic violence.
“It is an excellent match for Twin City Hospital,” Swinehart said. “The Franciscan system is a long-standing organization that not only has extensive experience in running hospitals, but with the successful operation of critical access hospitals in particular.”
Swinehart noted that maintaining Twin City as a critical access hospital will preserve jobs in the community. The Twin City Medical Group, a hospital-owned physician practice, is also a part of the agreement which will enable primary care services to be maintained in the Twin City area.
The attorney general’s office has been notified of the agreement. A 60-day required review period will now begin by the attorney general, after which time the purchase transaction can officially close. The agreement must also be submitted to the bankruptcy court, and the court will likely conduct an open auction to entertain any additional interested bidders. Assuming the process flows smoothly, the sale may possibly be completed by mid-May of this year.
There will be no immediate changes to Twin City Hospital operations throughout the 60-day time span, and Quorum Health Resources will continue to operate the hospital during the transition process.
“We are extremely pleased that we have been able to stabilize the hospital and secure an arrangement with a highly reputable health care system with a charitable mission that will preserve Twin City Hospital now and into the future for the residents of the Twin City area,” shared Doug Ross, president of the Twin City Hospital board of trustees.
For more information about FSC, visit http://www.fscsylvania.org.
Established in 1984, Franciscan Services Corporation (FSC) is the formal expression of the sponsored health and human services ministry of the Sisters of St. Francis. FSC member organizations, located in Ohio, Texas and Kentucky, include five hospitals, seven long-term care facilities, four assisted living facilities, independent senior housing, a counseling center, and a long-term shelter for victims of domestic violence.
“It is an excellent match for Twin City Hospital,” Swinehart said. “The Franciscan system is a long-standing organization that not only has extensive experience in running hospitals, but with the successful operation of critical access hospitals in particular.”
Swinehart noted that maintaining Twin City as a critical access hospital will preserve jobs in the community. The Twin City Medical Group, a hospital-owned physician practice, is also a part of the agreement which will enable primary care services to be maintained in the Twin City area.
The attorney general’s office has been notified of the agreement. A 60-day required review period will now begin by the attorney general, after which time the purchase transaction can officially close. The agreement must also be submitted to the bankruptcy court, and the court will likely conduct an open auction to entertain any additional interested bidders. Assuming the process flows smoothly, the sale may possibly be completed by mid-May of this year.
There will be no immediate changes to Twin City Hospital operations throughout the 60-day time span, and Quorum Health Resources will continue to operate the hospital during the transition process.
“We are extremely pleased that we have been able to stabilize the hospital and secure an arrangement with a highly reputable health care system with a charitable mission that will preserve Twin City Hospital now and into the future for the residents of the Twin City area,” shared Doug Ross, president of the Twin City Hospital board of trustees.
For more information about FSC, visit http://www.fscsylvania.org.
Published: March 15, 2011
