Public Hearing Scheduled for May in Ty Cobb Regional Sale

Another step coming in process of selling Ty Cobb Regional Medical Center to St. Mary’s Healthcare.

Next month, a public hearing will be held regarding the sale.  Members of the community are invited to come out and speak for or against the sale.   The hearing is required by State law and will be held May 7 at 5p at Ty Cobb Regional.

In late February, St. Mary’s announced it had signed a letter of intent to purchase Ty Cobb Regional and was proceeding with its due diligence.  The hearing May 7th is part of that process.

Ty Cobb CEO Greg Hearn announced last year the hospital has been losing money since it opened July 2012 and he was actively searching for a larger healthcare organization to partner with.

Then last November, Hearn and the Ty Cobb Regional Board Authority announced the hospital could not make its $311-thousand dollar bond payment, which was due December 1.

The County stepped in and made that payment using money from the sale of the two county roads surrounding the hospital to the Franklin County Industrial Building Authority.

In making the announcement of the sale to St. Mary’s in February, Hearn praised them for their commitment to our local community.

“With transactions this complex, there are many details to work out and many obstacles to overcome,” Heard said. “It is a longer process than the public may not like it, but we have non-profits involved and governmental entities involved and for-profit entities, but we’re confident we’ll be able to get everything worked out and get this done for the community.”

Next month’s public hearing does not conclude the sale of Ty Cobb Regional to St. Mary’s.  The state must also approve the sale.

Hearn said the entire sale process is expected to take several months to complete.

Greg Hearn3 trt: oc:

Again the public hearing on the sale of Ty Cobb Regional to St. Mary’s takes place Thursday, May 7th at 5p at the hospital, located on Clear Creek Parkway off SR59 in Lavonia.