INDIANAPOLIS-Although the $1.1 billion integrated system created by Methodist Hospital of Indiana and Indiana University Medical Center has yet to become operational, executives have signed a letter of intent to acquire a psychiatr ic hospital. Fairbanks Hospital, an 86-bed psychiatric facility in Indianapolis, will become a wholly owned subsidiary of the IU-Methodist system, according to a letter of intent signed this month. "By combining Fairbanks' full co ntinuum of treatment for chemical dependency problems with Methodist and IU's behavioral health programs, we are strengthening the care offered to all our patients," said Robert Martz, chairman of Fairbanks' board of directors. " Affiliation with these strong statewide partners will help Fairbanks ensure our mission for the future." Last year, the hospital lost $1.2 million on net patient revenues of $6.9 million, according to HCIA, a Baltimore-based healt hcare information company. The hospital has $7 million in assets. The IU-Methodist venture, which is scheduled to be operational Jan. 1, has yet to decide on a new name.
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