Baptist Health, the largest not-for-profit system in Kentucky, added a ninth hospital to its system in June. The Floyd County Commissioners, Floyd County Council and Floyd Memorial Board of Trustees all voted to sell Floyd Memorial Hospital and Health Services to Baptist Health.
Baptist Health currently includes eight hospitals with 2,400 licensed beds, care centers, physician offices and health facilities. Its subsidiary, Baptist Health Plan, provides health insurance and managed-care services to more than 300,000 members in Kentucky and other states. Floyd Memorial is a 211-bed acute care hospital with more than 600 physicians on staff.
The $276 million price represents $75 million at closing and another $61 million to be paid over the next 10 years. As part of the agreement, Baptist will make $140 million of capital investments over the next seven years to expand services and transition the hospital to Epic health records system.
Baptist Health was one of three finalists in the acquisition process. The two health systems already share some common services with their open heart and weight-loss surgery programs. Floyd Memorial’s name will be changed to Baptist Health Floyd following the close of the transaction, which is expected to occur on September 30, 2016.