Louisville-based Baptist Health has announced a tentative agreement to acquire Floyd Memorial Hospital in New Albany. The proposal includes a guarantee from the company to invest $125 million in services and technology over five years. Floyd County, which owns the hospital, will receive $75 million up front and another $75 million spread out over the next decade.
The company says the official review process by the Floyd Memorial Board of Trustees, Floyd County Council and county commissioners could get underway in July and the acquisition could take place around October 1.
Floyd Memorial registered 612,000 outpatient visits last year. Chief Executive Officer Dan Eichenberger says "we are encouraged by the possibilities this acquisition will provide for the Southern Indiana residents we serve. As we look to the future, we anticipate expanding our service offerings, which will ensure Floyd Memorial remains the premier hospital in Southern Indiana and the primary referral center for all of our surrounding counties."
A big part of the Baptist Health investment includes transitioning Floyd Memorial to Epic, an information technology platform.
Baptist Health officials says they do not anticipate significant work force changes and could add workers as services expand. In all, Baptist currently employs around 18,000 people, mostly in Kentucky.