INDIANAPOLIS —
The planned acquisition of Howard County Regional Health System by the Indianapolis-based Community Health Network cleared another hurdle Tuesday, when the Indiana Finance Authority OK’d the transfer of the Howard County hospital’s debt obligations to Community Health.
The state Finance Authority voted unanimously to allow the Howard County hospital to transfer $50 million in tax-exempt debt obligations to a newly formed corporation called Community Howard Regional Health Inc.
The new nonprofit corporation was formed after Community Health agreed to acquire Howard Regional’s assets in return for assuming its debt obligations.
There was little discussion before the state Finance Authority’s vote, and no one spoke at a public hearing on the issue earlier in the day. The blessing by the state was one of the critical elements needed to keep the acquisition process moving forward.
Last week, Howard Regional’s board of trustees adopted resolutions approving a deal that makes the Kokomo-based Howard Regional an affiliate of the much larger, Indianapolis-based Community Health Network.
Approval for the affiliation still has to be approved by the Howard County commissioners and council.
As part of the agreement, Howard Regional will be able to keep its local governance and staff, while Community Health will be able expand its footprint deeper into central Indiana.
The deal with Community Health comes after a similar agreement with IU Health fell through last year. Howard Regional officials say the agreement with Community Health will allow the Kokomo hospital to continue to provide quality health care in the region.
Maureen Hayden covers the Statehouse for the CNHI newspapers in Indiana. She can be reached at maureen.hayden@indianamediagroup.com.
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Howard County hospital acquisition clears another hurdle
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