Health: Floyd, Cherokee (Ala.) Medical Center courting management agreement. What you need to know.

Health: Floyd, Cherokee (Ala.) Medical Center courting management agreement. What you need to know.

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The story: Floyd Healthcare Management, in a special called meeting Thursday evening, confirmed its interest in Cherokee Medical Center in nearby Centre. A short statement was posted Thursday night with additional updates to follow. Floyd also operates an urgent/primary care office across Northwood Drive from Cherokee Medical.

Background: It is Floyd’s second such move in recent years, the first being taking over operations of Polk Medical Center in Cedartown and later building the new hospital on U.S. 278 east of the city. HCA, parent company of Redmond Regional Medical Center, also sought to continue its operations of Polk at the time. HCA also is the parent company of Cartersville Medical Center.

From a media release: During a specially called meeting of Floyd Healthcare Management Inc.  on Thursday, the board voted to accept the invitation of the Cherokee County Health Care Authority for a Floyd subsidiary to manage Cherokee Medical Center in the event that the authority purchases the hospital. The arrangement would be a lease management agreement at no purchase or lease price by Floyd other than $1. Certain contingencies and regulatory requirements must be met before the lease will become final. Additional details will be forthcoming.

About the medical center:

  • Based in Centre, it is licensed for 60 beds.
  • It lists 11 active physicians with 15 others listed as “courtesy,” 20 as consulting and six other “allied health professionals.”
  • Click for expanded fact sheet

Recent headlines about Cherokee Medical Center:

March 31, 2017: “Quorum Health Corp. has completed the transaction for the divestiture of Cherokee Medical Center in Centre, Alabama. The effective date of the transaction will be as of 11:59 p.m. on March 31, 2017 . . . Quorum Health Corporation is an operator and manager of general acute care hospitals and outpatient services in the United States. Through its affiliates, the Company owns or leases a diversified portfolio of 35 affiliated hospitals with an aggregate of approximately 3,400 licensed beds. “

March. 10, 2017– “Quorum Health Corp. announced today that the Company has signed a definitive agreement to sell 60-bed Cherokee Medical Center in Centre, Alabama, and its associated assets, to NNZ Holdings LLC. The divestiture is expected to close within 60 days, subject to customary regulatory approvals and closing conditions. Thomas D. Miller, Quorum Health’s president and chief executive officer stated, ‘Our efforts to refine our portfolio continue as we announce our third definitive agreement to divest non-core assets and we continue to have active discussions on further divestiture opportunities.’ “

Bloomberg lists NNZ Holdings as a Sunrise, Fla.-based assets management company.

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