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Katherine Shaw Bethea Hospital in Dixon, Ill., was founded in the late 1800s as a nonprofit and has six locations in Lee and Ogle counties.
Now it's poised to become a for-profit institution under a deal announced Tuesday, the AP reports.
Katherine Shaw Bethea Hospital will become part of OSF HealthCare, which also includes Sauk Valley Health Center and OSF Medical Center in Peoria.
The deal, which still needs approval from state regulators, is expected to close by the end of the year.
"The rigorous process spanned several months, with numerous options considered," KSB President David Schreiner says in a press release.
"The resulting agreement includes $40 million in funding to support facility renovations, improve access to care locally, and create seamless referrals to subspecialties."
KSB will continue to operate as a stand-alone hospital, with Schreiner saying that "the challenge of being a standalone, rural hospital in today's financial environment, was an important element in our board's consideration."
The release notes that KSB has 900 employees and 91 practitioners. Read the Entire Article
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