30 Jan IRMC Board and IRCHD Trustees Select Cleveland Clinic as Partnership Finalist
Vero Beach, Fla. (Jan. 30, 2018) – After an intensive months-long evaluation process, members of the Indian River Medical Center (IRMC) Board of Directors and the Indian River County Hospital District (IRCHD) today selected Cleveland Clinic as the best partner to help secure the future of Indian River Medical Center.
“We were extremely fortunate to be choosing from among four exceptional organizations, and all of them brought unique strengths to the table,” said IRCHD Chair Marybeth Cunningham. “It is our belief that a partnership with Cleveland Clinic is the best way to grow upon the foundation of quality clinical care that has been built at IRMC.”
“Throughout this process I have been incredibly impressed with the hard work, dedication, and professionalism of the IRMC physicians and staff,” said IRMC Board Chair Dr. Wayne Hockmeyer. “It is because of their commitment and the culture they’ve built that we had strong interest from terrific organizations. Cleveland Clinic shares our team’s patient-first focus, and we look forward to working with them on building a partnership that makes sense for our community.”
After selecting the four finalists in late November, Board members and trustees held a series of public meetings, both at IRMC and at the respective suitors’ facilities, to conduct due diligence and measure all four proposals against the Board and Trustees’ strategic objectives. That was followed by a presentation to members of both boards from Juniper Advisory, the strategic financial advisor for the process, summarizing the revised proposals submitted by the four finalists. The two boards then met separately to select a preferred partner.
IRMC leadership, IRCHD trustees and Cleveland Clinic will begin preparing a non-binding letter of intent (LOI) that outlines plans for the partnership. In the months ahead, IRMC, the Trustees and Cleveland Clinic will work to finalize the terms of an agreement and will perform the detailed legal and financial due diligence that is part of reaching a definitive agreement, the next step in this process.
For more information about the process, please visit www.irmctomorrow.com.