Breaking News: St. Mary’s Healthcare Pursuing Possible Purchase of Ty Cobb Regional Medical Ctr

Officials with Ty Cobb Regional Medical Center say negotiations are underway for the possible sale of Ty Cobb Regional Medical Center to St. Mary’s Healthcare System of Athens.

Ty Cobb Healthcare CEO Greg Hearn made the announcement late this morning in a prepared press released.

“Strategic discussions between the healthcare providers have been ongoing for several months,” Hearn said. negotiations have been going on for months. “The hospitals are currently working on getting a letter of intent signed, which would then allow St. Mary’s to do its due diligence and further explore the feasibility of purchasing the (Ty Cobb Regional) hospital.”

And even though it’s not a done deal quite yet, St. Mary’s Healthcare CEO Don McKenna confirmed the move towards a purchase. 

“St. Mary’s has been providing high quality, compassionate care to Northeast Georgia residents for many years,” he said. “We are looking forward to our partnership with Ty Cobb Regional Medical Center and the medical community to better serve the healthcare needs of the region.”

St. Mary’s Healthcare is over 100 years old, but has been in continuous operation since 1938 when the Sisters of the Missionary Sisters of the Sacred Heart of Jesus came to Athens to revitalize the hospital.

Today, the Sisters of Mercy of the Americas serve the hospital and cite their values and mission, which they say flow from their devotion and service to God and humanity.

Hearn has been actively seeking either a partner or a buyer for Ty Cobb Regional since announcing the hospital has been losing money to the tune of $2-million a year since it opened in July 2012.  The losses, he has said are largely due to indigent patient care and non-paying patients.

“We are excited that St. Mary’s is interested in our community and has remained engaged in trying to find solutions for our hospital,” Hearn said. “St. Mary’s has an excellent reputation in providing high quality healthcare. Partnering with them will allow us to further improve our clinical outcomes and care for our patients.”

Hearn emphasized however that if both parties decide to pursue a partnership, it will be some months before the actual sale goes through.