Citrus Memorial Hospital Leased to HCA - Transaction Officially Closes

The Citrus County Hospital Board of Trustees (CCHB) today announced the transfer of operations from Citrus Memorial Hospital to the Hospital Corporation of America (HCA). This transaction will allow for the delivery of high quality health care to the Citrus County area for many years to come.

“Today is a new day for the citizens of Citrus County and a long time coming,” said CCHB Chairwoman Debbie Ressler, BSN. “After five years of working to bring long-term quality health care to our community, we are happy to announce that we've successfully brought this transaction to a close with the Foundation. Today, we deliver $315 million in positive economic impact, with our community receiving a minimum of $150 million for the county over 50 years, a total elimination of the CCHB ad valorem tax – a savings of $75 million, and $45 million toward a community-wide charitable foundation.”

“We thank the entire team of professionals that it took to successfully close on the largest transaction in Citrus County history,” said Ressler. “We are pleased with all we were able to accomplish that will result in providing higher quality health care for our community and surrounding areas for years to come.”

HCA Lease Transaction Delivers:

• Creation of a charitable trust to be used for health care initiatives
• 100 percent of the net proceeds from the lease will benefit residents of Citrus County
• Hospital bonds will be paid and satisfied
• Pensions will be secured
• HCA will pay approximately $3 million in property taxes to the Citrus County community

“Today’s closing of the long-term lease between the Citrus Memorial Hospital and HCA is a reflection of both parties’ desire to create and enhance high quality clinical services in and around Citrus County,” said Trey Crabb, managing director at Ziegler. “A lot of work has been done getting everyone to this point; now is when the rubber meets the road. It has been a pleasure serving the needs of the Citrus County Hospital Board of Trustees and all constituencies in this process.”

For more information on the CCHB and the transaction, please visit Careforcitruscounty.org and follow @CareforCitrus.