After months of transition work, Floyd Memorial Hospital and Health Services officially became part of Baptist Health at 12:01 a.m. on Saturday, Oct. 1, 2016. The new name of the organization is Baptist Health Floyd.
The binding asset purchase agreement was signed at the end of June and was approved by the Floyd County Commissioners, Floyd County Council and Floyd Memorial Board of Trustees. The Baptist Health Board of Directors also approved the agreement. The closing took place on Friday, Sept. 30, 2016.
“We look forward to the possibilities this acquisition will provide for our organization and the communities we serve. In the beginning, our patients should not see any differences besides the new name and logo, but we hope to begin expanding service offerings in the near future. Baptist Health Floyd will continue to be the premier hospital in Southern Indiana and the primary referral center for all of our surrounding counties,” said Baptist Health Floyd President Daniel Eichenberger, MD.
“We are very excited about this new addition to the Baptist Health Family. Baptist Health Floyd is the first Baptist Health hospital outside Kentucky’s borders, although we’ve served patients from surrounding states for years,” said Baptist Heath CEO Steve Hanson. “Southern Indiana residents can expect to receive the same excellent care and service they have come to expect, now with the added benefit of being under the Baptist Health umbrella.”
The sale price includes capital investments by Baptist Health in Baptist Health Floyd of $140 million over the next seven years to expand services, invest in improved technologies and transition to Epic, one of the highest-rated electronic medical record systems in the nation.
Because the hospital was county-owned, Floyd County received about $75 million at closing (after paying transaction costs). In addition, another $61 million will be paid over the next 10 years, some designated for ongoing healthcare-related needs and activities.