Florida Hospital and parent Adventist Health System have signed a letter of intent to lease and manage the 112-bed Bert Fish Medical Center in New Smyrna Beach on July 1, with an option to buy the facility in 2015.
The deal, valued at $77 million, was approved last week by commissioners for the South East Volusia Hospital District, and it will make Bert Fish—a safety net hospital—the fifth Florida Hospital in Volusia County, Bert Fish officials said in a media release.
Mike Schultz, president of the Florida Hospitals in Volusia and Flagler Counties, said Adventist Health System will provide $24 million in capital improvements for Bert Fish in the next five years, pay off the hospital’s debt, and fund a pension plan, for a total investment of almost $77 million.
"We are excited by the opportunity to bring our faith-based mission of healthcare closer to the residents of southeast Volusia," Schultz said in the media release. "We will build upon all the great things already accomplished by the good people here, continue their improvements in patient care and, along the way, help reduce the tax burden for the citizens."
As a part of Florida Hospital, Bert Fish Medical Center would improve access to medical specialties, such as cardiology, oncology, and surgical services, Schultz said.
Adventist Health System is the largest not-for-profit Protestant health system in the nation, with 37 hospitals, including 17 Florida Hospitals.