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December 2, 2013
09:23 EDTLPNTBell Hospital acquired by LifePoint Hospitals
The Bell Hospital board of directors has finalized its agreement to be acquired by LifePoint Hospitals. Becoming part of LifePoint will bring the Ishpeming hospital significant resources to expand its services, invest in its infrastructure and enhance the health of the communities it serves. As part of the final acquisition agreement, LifePoint will make $5M in capital investments at Bell over the next decade. Through the acquisition, the hospital also will have access to support and resources to help it recruit and retain needed physicians, enhance its clinical services to meet the changing needs of its community, and improve its operations in the evolving healthcare environment. Proceeds from the acquisition transaction have eliminated Bellís debt. Approximately $4M in excess proceeds from the transaction is expected to be available. Bell plans to use these funds to support charitable activities in the community. The acquisition also will establish Bell as a local taxpaying organization, which will bring additional revenue to Ishpeming and help support local projects.
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