“The best way to pay tribute to Bayfront's more than 100 years of service is to ensure its future success as a leading provider of high-quality healthcare in partnership with its physicians and associates,” HMA President and CEO Gary Newsome said in the release. “As a high-quality, Florida-based hospital system, we look forward to working with the community to enable the best local healthcare.”
HMA and Bayfront would share equal governance. Bayfront would establish (PDF) a new local, 12-member board, composed of Bayfront's chief of staff, four physicians, six community leaders and the joint venture's CEO. Another eight-member board would consist of four Bayfront members and four from HMA. Bayfront would serve as the flagship facility in a new network formed with six of HMA's hospitals in Florida.
“This agreement positions Bayfront well for a strong future by establishing a patient-focused partnership that brings the best of our three organizations together,” Bayfront President and CEO Sue Brody said in the release. “The results will include preservation of Bayfront's important mission, growth, access to integral resources, standardization of the industry's best practices and the cost savings that come with economies of scale.”
Officials signed the letter of intent on Tuesday and hope to close the deal in the first quarter of 2013. Officials would also form the not-for-profit Bayfront Health Education & Research Organization, and HMA would contribute about $150 million to promote wellness, access, research and education for Bayfront-served communities.