The Standard Journal
Redmond hospital sale is finalized
The AdventHealth deal includes the 230-bed hospital along with Redmond’s related physician clinics, outpatient services and all existing equity interests.
The $635 million sale of Redmond Regional Medical Center to AdventHealth, announced in May was finalized as of midnight last night. AdventHealth plans to rename the facility AdventHealth Redmond in January 2022.
“Redmond Regional Medical Center is a highperforming hospital with long-tenured leaders, team members and physicians who care deeply about this community,” said Mike Murrill, CEO at the 69bed AdventHealth Gordon and now the CEO for Redmond. “I look forward to building on the facility’s legacy of clinical excellence, being active partners in the community and working with this team to care for our neighbors for years to come.”
The deal includes the 230-bed hospital on Redmond Road along with Redmond’s related physician clinics, outpatient services and all existing equity interests.
AdventHealth is a faithbased hospital system headquartered in Florida. It operates more than 40 hospital facilities spread across Colorado, Missouri, Texas, Illinois, Wisconsin, Kansas, Florida, Georgia, Kentucky and North Carolina. Locally, AdventHealth operates hospitals in Calhoun and Chatsworth.
“We are blessed to have the opportunity to serve this community and look forward to offering wholeperson care to more people through this outstanding facility,” said Terry Shaw, president/CEO for AdventHealth.
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Murrill will also become president of the regional alignment for AdventHealth.
His region will include the 42-bed Murray County hospital, and two short-term acute care facilities — AdventHealth Hendersonville near Asheville, with 109 beds and the 49-bed AdventHealth Manchester in Kentucky.
A concern to government and school leaders in Rome and Floyd County is what the sale will mean to the tax base, since AdventHealth is a nonprofit.
Redmond initiatives such as the Heart of the Community program are expected to continue under AdventHealth. Funds from that annual awards event each February have been pumped back into the community in a variety of ways.
The hospital has purchased defibrillator units for public buildings and exercise equipment for fitness stations along the trail through Ridge Ferry Park. A guest house for families of critically ill patients was constructed on the Redmond campus thanks to the Heart of the Community program.
The HCA business model has focused in recent years on its major metropolitan hospitals with the idea of being the No. 1 or No. 2 provider in those markets. Nowformer Redmond CEO John Quinlivan said the Rome market has never really fit that model.
“So it made perfect sense for HCA to sell Redmond, and I think it makes perfect sense for Advent to buy Redmond,” Quinlivan said earlier. “They want to expand the services they’re offering and will continue to build on the great foundation that HCA has laid here in Rome with this hospital.”
In the past, Redmond has been partnered through HCA with Bartow County’s hospital. In this round of deals, Cartersville Medical Center was spun off to Piedmont Healthcare System of Atlanta.
“Now we’ll be partnered with Gordon under Advent,” Quinlivan said. “Gordon is slightly smaller than Cartersville but if you look at the services they offer, we’re fairly similar.”
In a May announcement, officials with AdventHealth and Redmond’s parent company Hospital Corporation of America indicated they expected it to be finalized by the end of August.
But President Joe Biden issued a July 9 executive order directing the Federal Trade Commission and Department of Justice to review and revise their healthcare merger guidelines to ensure that patients are not harmed.
That deal was given regulatory approval several weeks ago and the sale closed at midnight on Thursday.
This year there have been more than two dozen health system mergers and acquisitions, including the Floyd Medical Center merger with Atrium Health out of North Carolina.