Summa Health System plans to sell its 105-bed Cuyahoga Falls (Ohio) General Hospital to a joint venture between itself and Western Reserve Hospital Partners, a group of physician investors.
The five-hospital system based in Akron, Ohio, will turn over the operations and lease of Cuyahoga Falls General to the joint venture60% owned by the physicians and 40% by Summaand rename it Summa Western Reserve Hospital. The conversion from not-for-profit to for-profit requires approval by the Ohio Attorney General Richard Cordray, which Summa spokesman Mike Bernstein said he expects to take 90 to 120 days. The financial terms were not disclosed.
As announced in January 2008, Summa and Western Reserve Hospital Partners plan to build a 100-bed hospital in northern Summit County, about six miles east of Cuyahoga Falls. The services provided in Cuyahoga Falls will be moved to the new hospital when its complete, planned for 2011, after which Summa says it will continue to provide health services at the Cuyahoga Falls facility.