Northwestern Memorial HealthCare’s regulatory application to acquire Marianjoy Rehabilitation Hospital in Wheaton includes a $28 million price tag and other previously undisclosed financial details.
The acquisition price is about nine times Marianjoy’s operating income of $3.1 million in the fiscal year ended June 30, documents show. The rehab hospital had fiscal 2015 revenue of $86.2 million, up 4.5 percent from the previous year.
You are viewing: Who Owns Marianjoy Rehabilitation Hospital
Northwestern Memorial announced on Oct. 29 that it had signed a letter of intent with the Wheaton Franciscan Sisters to acquire Marianjoy, a 127-bed facility founded in 1972. If approved by state regulators, the deal would continue Chicago-based Northwestern’s expansion in the western suburbs. Last year it acquired Central DuPage Hospital in Winfield and Delnor Community Hospital in Geneva.
Read more : Who Is The Dumbest Zodiac Sign
On Tuesday, Northwestern Memorial announced that it closed a transaction to take over ownership of the KishHealth System, which includes Kishwaukee Hospital in DeKalb and Valley West Hospital in Sandwich. No money changed hands under the deal, a Northwestern Memorial spokesman said. Northwestern will create a capital fund, using KishHealth’s existing cash, to support the health care needs of KishHealth’s geographic service area.
Marianjoy would be the first rehab facility in Northwestern’s network of six hospitals. Central DuPage and Delnor both refer patients to Marianjoy, which gets more than 60 percent of its revenue from Medicare.
In regulatory documents, Northwestern said it also plans to buy the land on which Marianjoy sits from the Wheaton Franciscan Sisters in a separate transaction.
The Marianjoy sale is part of the sisters’ exit from the health care industry as the order dwindles in size. The organization also has found buyers for hospitals in Wisconsin and Iowa. Because Northwestern is not a Catholic organization, Marianjoy will no longer be a ministry of the Catholic Church.
Read more : Who Is Vaval
As part of the Marianjoy sale, the sisters plan to keep $9 million of the $11.1 million in cash reported on Marianjoy’s balance sheet as of Sept. 30, document show. The sisters also don’t plan to transfer about $21.1 million of Marianjoy’s debt to Northwestern Memorial.
A spokeswoman for the Wheaton Franciscan Sisters declined to comment on the regulatory filing. Northwestern said it expects to close the deal by March 1.
Twitter @ameetsachdev
Source: https://t-tees.com
Category: WHO
