What you should know:
1. Indiana-based providers South Bend Orthopaedics, The South Bend Clinic and Allied Physicians of Michiana purchased a majority stake in the surgical hospital.
2. Medical Facilities will retain a 31.7 percent share in the hospital but will no longer consolidate the hospital’s operating results into MFC’s quarterly results.
3. The company also reached a deal to sell the land the hospital sits on and the building for $25 million to an investor affiliated with the physician groups.
Company President and CEO Robert Horrar said of the transaction: “After actively pursuing various strategic alternatives, our plan to improve [the hospital] has come together. By partnering with three of the premiere [sic] physician groups in the area, we are taking an important step in enhancing the long-term strength of both [the hospital] and [MFC], as the transaction should significantly improve facility utilization and financial performance.”
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