Inter-Lakes explores nursing home, Adult Home sale
Inter-Lakes spokeswoman
The Inter-Lakes Board of Directors hired Stroudwater Consulting Services of
An asking price for the nursing home and Adult Home has not been determined yet, she said.
"The due diligence phase is underway," Hooper explained by email. "Parties are determining how the assets will be divided and allocated.
"The organization's physical structure is very intertwined: hospital, nursing home, Adult Home are all located within one building, and there is no clear delineation of space.
"Once those determinations are made, appraisals conducted and so on, the price and other aspects of the sale will be negotiated and an asset purchase agreement developed."
'GOOD FOR INTER-LAKES HEALTH'
She said negotiations in terms of price and sale conditions have not started.
"There is a great deal to sort out before that point is reached -- many steps along the way."
Heritage Commons is an 84-bed skilled-nursing facility for individuals requiring long-term clinical-based care. Moses-Ludington Adult home is a supervised living facility, which allows residents the ability to live more independently.
"The board determined that this would dramatically improve the financial condition of
"ILH is working with an organization that has expressed interest in purchasing and maintaining these important services."
SALE CONDITIONS
Dedrick said Inter-Lakes would only accept a buyer the board believes has community interests at heart.
"A condition to any possible sale would be the retention of all current nursing home residents, regardless of their payer status, and every effort will be made to ensure continued employment for all those currently working at Heritage Commons and the Adult Home," he said.
"Residents, staff members and the local community's best interests will represent a significant part of any decision that's made."
Any sale would also require approval from the
'FINANCIAL STRAIN'
She said
"The current nursing home reimbursement structure is, in part, one of the major reasons for the financial instability," she said. "As with many nursing homes in the state, Heritage Commons has incurred a loss each year.
"At
COLLECTIVE CONCLUSION
The
"Organizations across the state, and the nation, have come to the collective conclusion that nursing homes are often a financial liability for the organizations that they are affiliated with, whether that's a county, hospital or other organization," Dedrick said.
"The opportunity to engage with an organization with particular expertise in running similar facilities will help ensure that Heritage Commons remains a viable part of the local community."
LONG PROCESS
The sale process is a confidential array of disclosures, agreements and negotiations between buyer and seller, Hooper said.
She said when and if negotiations are finalized, it will still take a number of months to complete the process.
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