FinancialHospitals

McLaren Healthcare plans to acquire Ohio hospital

December 05, 2019 / SHERRI WELCH

Grand Blanc, Mich.-based McLaren Healthcare Corp. plans to acquire St. Luke’s Hospital in Maumee, Ohio, a deal that would give McLaren its first hospital outside of Michigan.

Through the deal, McLaren would become the sole shareholder of St. Luke’s and commit to as much as $120 million in capital investments in the hospital over the next five years, McLaren President and CEO Philip Incarnati said.

Those plans include building a cancer center that would be affiliated with the National Cancer Institute-designated Barbara Ann Karmanos Cancer Institute in Detroit. McLaren said it would also invest in a new orthopedic, neuro and spine center, renovate St. Luke’s intensive care center and surgical suites and fund other infrastructure upgrades at the Ohio hospital.

That would enable St. Luke’s, which has operated in the red the past three years on a budget of about $200 million, to provide quality services to its market while also helping stabilize its finances, President and CEO Dan Wakeman said.

The organizations expect to complete the deal, pending board and regulatory approvals, by mid-2020.

READ THE REST HERE

Print Friendly, PDF & Email
Tags

Chris J. Stewart

Chris currently serves as Chief Operating Officer at Ortho Spine Partners. Prior to that, he was the assistant vice president and business unit leader of Medical Device Management for HealthTrust.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close