West TN Healthcare to spend $67 mil, purchasing 3 Tennova facilities
JACKSON, Tenn — West Tennessee Healthcare made a major expansion announcement in what they hope will lead to improving the health and well-being of communities across the region. The new expansion deal also comes with a very hefty price tag.
It was a monumental meeting Tuesday evening, as leaders with West Tennessee Healthcare signed an agreement to purchase three local hospitals. The West Tennessee Healthcare Board of Trustees voted to approve a resolution to buy three local Tennova healthcare facilities, with a price tag of $67 million.
The acquisition includes Tennova’s Jackson, Dyersburg, and Martin locations, including all physician clinics and out-patient services associated with the hospitals. CFO Jeff Blankenship said the purchase will expand West Tennessee Healthcare’s revenue base.
“Stronger organization financially and we’re better positioned to be able to do what we’re called to do,” CFO Jeff Blankenship said.
With the ever changing needs of the community health officials said approving the resolution will ensure the region has access to the highest quality health care.
“First like to say this team has worked very diligently to look at this,” CEO & President of West Tennessee Healthcare, James Ross said.
Speaking on behalf of the board, CEO James Ross said in a news release, “The acquisition is good news for consumers, employers, physicians and future patients.”
The multi-million dollar deal is expected to close by May 31. Leaders with West Tennessee Healthcare said they plan on employing more than 7,000 people and operating seven hospitals across the region.
Health officials said the final purchase price will be determined at closing.