The Cleveland Clinic system struck a deal to acquire 118-bed Medina (Ohio) General Hospital, becoming the systems ninth regional hospital in northwest Ohio.
An agreement, expected to close in three to six months, commits the Cleveland Clinic to a $40 million investment under a multiyear strategic plan, and the system will contribute $10 million to the Medina General Hospital Foundation.
An interim management agreement calls for the Cleveland Clinic to put in place a new executive team, including a replacement for Medina General President and CEO Gary Hallman, who plans to retire.
Fred DeGrandis, president and CEO of Cleveland Clinic Regional Hospitals, said he expected the interim executives to continue to lead the hospital after Medina General becomes a member of the Cleveland Clinic system. He added, though, that the decision ultimately would be up to the reconfigured board, which will include 12 locally nominated members and eight put forth by the system, as well as the hospitals CEO and two representatives of the medical staff.
Medinas a great community hospital with a history and tradition that goes back nearly 60 years, DeGrandis said. It gives us an opportunity to expand our services into an adjacent county to where the Cleveland Clinic is located.
Medina General, located 35 miles south of Cleveland, in 2008 walked away from a memorandum of understanding exploring an affiliation with a different Cleveland-based system, eight-hospital University Hospitals.