Millions From Community Medical Center Sale to Fund New Foundation [YouTube]
Millions from the sale of Community Medical Center will go to fund a new charitable entity called The Community Hospital Legacy Foundation.
Vice Chairman of Community Medical Center, Scott Hacker said that following the sale, the foundation will be continuing its mission in a different way.
"Obviously, we're not going to be running a hospital anymore, but it is our obligation to use the proceeds from the sale to continue the hospital's mission as closely as possible," Hacker said. "What we have identified is our healthcare triple-aim to continue to fulfill that mission. We plan to keep the funds intact, and use the earnings to be put back in the community to fund various healthcare initiatives."
Hacker revealed the numbers expected to fund the new foundation.
"What we envision is probably for the endowment, somewhere between $60 and $65 million dollars," he said. "Separate from that, there'll be an initial gift to the University of Montana for $10 million dollars. The reason we're doing that is because the university brought to us a well-developed plan on how they could fulfill this healthcare mission, so we thought it was a great way to put some of these dollars to good use as quickly as possible."
Hacker said the hospital is working with Montana Attorney General Tim Fox to provide all the necessary information to receive a favorable decision regarding the proceeds from the sale to Billings Clinic, a decision that could come by the first week in January.
The Community Medical Center Board chose to sell the hospital in March in order to strengthen the facility’s future in the face of the changing health care industry. After much consideration, the Board chose to partner with Billings Clinic,Montana’s largest hospital and a member of the Mayo Clinic Care Network, and RegionalCare Hospital Partners.