Baptist Health to acquire Hardin Memorial Hospital for $361 million
More than $126 million of the money goes to Hardin County: $60 million when the sale is finalized and $66.4 million over the next 25 years.
ELIZABETHTOWN, Ky. (WDRB) -- Hardin County is moving forward with a plan to sell Hardin Memorial Hospital to Baptist Health.
Hardin Fiscal court voted Tuesday to sell the hospital to Baptist at a total of $361.4 million. Baptist Health has managed the hospital for 20 years but will now take over ownership, pending regulatory approval.
As part of the purchase agreement, Baptist Health will spend $235 million over the next 10 years on capital purchases. More than $126 million of that goes to Hardin County: $60 million when the sale is finalized and $66.4 million over the next 25 years.
Hardin Memorial has struggled for years financially, according to at least two fiscal court magistrates.
“With Baptists’ committed infusion of $235 million over 10 years, the future of HMH as a regional healthcare leader is assured,” Judge-Executive Harry Berry said.
According to Baptist Health, it will take on $37 million in debt-obligation as part of the agreement and no employees will be affected.
The sale is expected to be finalized by Dec. 1, 2018.
Copyright 2018 WDRB Media. All rights reserved.