Hope For Hospital Operations Brightens

St. Marks Medical Center has signed a term sheet establishing intent to transfer operational control of the hospital HCOE.
The term sheet calls for a Corporate Member Substitution that will replace Community Hospital Corporation, currently the sole member of SMMC, with HCOE. SMMC will retain its mortgage obligations as well as other vendor liabilities. CHC has agreed to forgive its approximately $1.4 million long term receivable. HCOE will bring an estimated $8.5 million in local private investor funds to make necessary repairs and upgrades to the facility, recertify medical equipment, provide ongoing working capital, and return outpatient surgical services to the hospital. The transfer is planned for September 1st. The Stratagetic Plan calls for quickly reopening the operating and procedure rooms for a range of outpatient services in addition to continuing to provide quality care under the Rural Emergency Hospital Status. The hospital will establish relationships and credential providers across Lee and Fayette County. The Hospital will then begin recruiting medical providers to fully utilize the hospital and the nearby privately-owned Medical Office Building, as well as the space formerly occupied by SMMC in the Giddings Clinic.