COLDWATER, MI (WTVB) – Just over two years after officially acquiring the former Community Health Center of Branch County, ProMedica Health System says it is looking at offers to sell ProMedica Coldwater Regional Hospital.
The Toledo-based firm issued a statement Tuesday afternoon saying they have recently engaged a third-party business broker that specializes in hospital transactions to explore other regional health care providers’ interest in possibly acquiring ProMedica Coldwater Regional Hospital.
The statement said that over the past four years, ProMedica has made significant investments and improvements in Coldwater, and the hospital’s strong performance and profitability are a reflection of those efforts. As a result, several potential buyers have expressed interest.
While ProMedica officially purchased the hospital as of January 1, 2018, it had operated the facility under a management agreement for the two previous years.
ProMedica says it is in the process of evaluating possible options from five interested parties to determine what best meets the needs of the hospital and community. According to the statement, ProMedica decided to explore the possibility of transferring the Coldwater hospital ownership, believing the hospital could benefit further by being part of a health care system that is closer to its location.
On Monday, an email was sent to all employees and volunteers at the Coldwater hospital announcing the move.
The closest ProMedica hospitals are Monroe Medical Center, Bixby in Adrian, and Herrick Medical Center in Tecumseh.
Branch County sold the Community Health Center to ProMedica for $17 million, with the money used to pay into the retirement system to cover pension liability. ProMedica also assumed responsibility of a $9.2 million bond issue for capital improvements.
