Banner Health has signed a letter of intent to acquire Casa Grande Regional Medical Center.
Rona Curphy, president and CEO of the local, nonprofit hospital, said the acquisition had the full support of the hospital’s board.
Financial terms were not fully disclosed; however, it is known that Banner will provide interim funding.
According to Becker’s Hospital Review, “CGRMC has been in financial hot water as of late. According to CGRMC’s most recent audited financials, the hospital posted a $13.4 million operating loss in its 2013 fiscal year, which ended June 30. This compared to a razor-thin $86,706 operating profit in 2012.
Becker’s noted that “CGRMC has suffered from large volumes of uncompensated care and declining volume. Total revenue at the hospital dropped 9.1 percent in 2013 to $100.2 million.”