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Medical Properties Trust, Inc. (NYSE: MPW) announced today that Monroe Hospital, a Medical Properties Trust acute care hospital facility, has entered into a four year agreement with St. Vincent Health, Inc. (a member of Ascension Health). Under the terms of the agreement St. Vincent Health will manage and operate Monroe Hospital in Bloomington, IN. In addition, Medical Properties Trust and St. Vincent Health have also signed a letter of intent providing St. Vincent Health with the option to purchase or lease the hospital facilities and purchase the Monroe Hospital operations.
“We believe this commitment and significant investment of resources by St. Vincent Health underscore the long-term viability, stability and need for Monroe Hospital in the Bloomington market,” said Edward K. Aldag, Jr., Chairman, President and CEO of Medical Property Trust. “St. Vincent Health has long been considered a top healthcare provider in Indiana, and we believe its major presence in the local market will attract many Bloomington-area physicians and surgeons to the state-of-the-art facilities at Monroe Hospital. We look forward to a successful relationship with the community and the St. Vincent Health management team.”
The management agreement, which is between Monroe Hospital LLC and St. Vincent Health, provides that St. Vincent Health will manage operations for Monroe Hospital with the intent of enhancing local healthcare for the community. During the term of the management agreement, St. Vincent Health will oversee quality efforts, physician relations, patient experience, finance, and other functions with the goal of increasing efficiency, enhancing quality-of-care and reducing costs. Monroe Hospital was previously managed by Vibra Acute Care, LLC, an affiliate of national hospital operator Vibra Healthcare.
“Brad Hollinger and his management team at Vibra have operated exceptionally and positioned Monroe Hospital as an attractive hospital in the Bloomington market,” continued Mr. Aldag. “We are grateful for their dedication to the community and appreciate their continued assistance as operations of Monroe Hospital are successfully transitioned to the management team at St. Vincent Health.”