Orlando (Fla.) Regional Healthcare System will sell its 49% interest in 425-bed Leesburg (Fla.) Regional Medical Center back to the medical center for $65 million, the same price it was purchased for in 1997. "We have capital needs in our tertiary facilities. Returning this equity will reduce the shortfall in our capital plan," said Orlando Regional Senior Vice President Shannon Elswick. The decision to sell came after the system changed its focus from the provision of a strong Medicaid HMO to the performance of its six acute-care hospitals in the Orlando area, Elswick said. Leesburg is about 40 miles northwest of Orlando. The system expects to make the payout over the next six to 18 months, Elswick said. -- by Patrick Reilly
Fla. system to sell interest in outlying hospital
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