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MUSC completes acquisition of 4 rural hospitals

Staff Report //March 4, 2019//

MUSC completes acquisition of 4 rural hospitals

Staff Report //March 4, 2019//

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The Medical University of South Carolina Hospital Authority has completed its purchase of four South Carolina hospitals from Community Health Systems Inc., a publicly-traded company based in Franklin, Tenn.

MUSC agreed to the purchase at a special called board of trustees meeting in November.

The acquisition includes the 82-bed Chester Regional Medical Center in Chester; 225-bed Springs Memorial Hospital in Lancaster, 396-bed Carolinas Hospital System – Florence; and 124-bed Carolinas Hospital System – Marion in Mullins. The purchase also includes two nursing centers, physician clinic operations and outpatient services.

The facilities have been renamed to reflect the acquisition, effective immediately.

MUSC Health will finance the purchase through a federal Department of Housing and Urban Development program with up to $137 million of debt and the assumption of some leases for a total sales price of $176 million. Kaufman Hall & Associates LLC acted as the exclusive financial adviser to MUSC Health in the transaction.

“I am deeply grateful for the hard work and determination that moved this transaction forward,” said Dr. David Cole, MUSC president, in a news release. “The commitment and enthusiasm has been exceptional. We could not be more excited about what this symbolizes for the future of health care delivery and connectivity for our state.”

MUSC now employs over 16,400 people across the state. The CEOs of the newly-acquired institutions will become senior leaders in the MUSC Health system.

MUSC Health also recently hired Dr. Robert Harrington to serve as the chief medical officer of the health care system’s affiliate network, acting as the liaison between medical staff on the peninsula and the other sites.