CCHB votes to OK transaction modifications for CMH lease to HCA

The Citrus County Hospital Board of Trustees on Wednesday night unanimously voted to approve the modified terms of the transaction to lease Citrus Memorial Hospital to Hospital Corporation of America.

The action, which approved a modified purchase price of $127.5 million, clears the way for intensive negotiations on the master settlement and the lease agreements. 

"The modification that was approved mainly pertained to a change in the purchase price to $127.5 million, which was necessary when it became clear during due diligence that the contract for IT services was an unexpected and larger financial burden on part of the buyer," said Trey Crabb, Ziegler managing director and transaction consultant.

"As a result of this unknown factor, change had to be made to keep the transaction on track," Crabb said.

CCHB Chairwoman Debbie Ressler, BSN, said, "Progress is being made and goals are being accomplished for the patients and people of Citrus County, while also making sure that our doctors and valued staff are in good hands.  "Today's action gets us one step closer to ensuring our  Citrus County communities have health care secured for years to come."

The CCHB invites the public to continue to stay informed of this process by visiting and following Twitter @CareforCitrus.