The first conversion of a Massachusetts hospital to for-profit status came seven years ago, but its final chapter is only now being written. MetroWest Health, Framingham, Mass., plans to exercise its option to sell its 20.1% stake in two-hospital MetroWest Medical Center to the center's majority owner, Tenet Healthcare Corp., Santa Barbara, Calif., for $20.2 million, said Roger Peloquin, MetroWest Health president and CEO. The action must be approved by the Massachusetts Supreme Judicial Court. Formal notice of the option exercise is expected to be sent to Tenet in April. MetroWest Health sold its two hospitals, in Framingham and Natick, Mass., to what was then Columbia/HCA Healthcare Corp. in April 1996. Tenet bought the majority stake from HCA in March 1999 for $75.1 million. The proceeds from exercising the option, along with $25 million in net assets recently liquidated by MetroWest Health, are expected to go to MetroWest Community Health Care Foundation. -- by Vince Galloro
Mass. system to lose tie to not-for-profit history
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.