After three years of negotiations and jumping legal hurdles, the Medical University of South Carolina and Columbia/HCA Healthcare Corp. on Friday called it quits on their deal to form a joint venture.
The decision was made after both parties "re-evaluated the goals of their respective Charleston organizations," according to a joint statement by both parties.
The 30-year, $1 billion lease was signed in February 1996. Six months later the Medical Society of South Carolina sued to overturn the deal. The Legislature enacted a special law to allow the lease to go forward. The two parties won a state Supreme Court decision just three weeks ago allowing them to proceed with the deal.
MUSC has three hospitals with a total of 575 beds. Columbia's local division, Trident Health System, has two hospitals and 10 ancillary facilities.
Frank DeMarco, president of Columbia's southeast division, said the company is now focused on its current facilities.