Starting Nov. 1, Hospital Corporation of America officially takes over operations of Citrus Memorial Hospital, a move that will save county taxpayers millions in property taxes.
Citrus County Hospital Board of Trustee announced the transfer in a statement Friday, saying the new management will allow for “delivery of high-quality health care to the Citrus County area.”
“Today is a new day for the citizens of Citrus County and a long time coming,” said CCHB Chair Debbie Ressler. The new management will bring $315 million to the region, with Citrus County receiving $150 million over 50 years, as well as the total elimination of the CCHB ad valorem tax.
Lower taxes will save county residents $75 million, in addition to $45 million for a “community-wide charitable foundation,” Ressler added.
As part of the HCA contract, 100 percent of the net proceeds from the lease will benefits residents of Citrus County and the creation of a charitable trust for health care initiatives. All hospital bonds will be paid and satisfied, pensions will be secured and HCA will pay approximately $3 million in property taxes to Citrus County.
Trey Crabb, managing director at Ziegler, the investment group that brokered the HCA deal, called the closing “a reflection of both parties’ desire to create and enhance high quality clinical services” for Citrus County.
“A lot of work has been done getting everyone to this point,” Crabb said. “Now is when the rubber meets the road.”
Nashville, Tenn.-based HCA recently posted revenues of $9.22 billion for the third quarter of 2014, a 9 percent increase over the $8.46 billion the hospital chain reported for Q3 2013.
