Helen Keller Hospital's Board Signs Letter of Intent with Huntsville Hospital Health System
September 10, 2014Helen Keller Hospital's board of directors has voted to sign a letter of intent to enter into a long-term lease agreement with Huntsville Hospital Health System. According to the terms of the proposed 40-year agreement, Huntsville Hospital Health System will assume all the liability and responsibility for the Colbert County-Northwest Alabama Healthcare Authority's operations and facilities for the term of the lease. After the initial 40 years, the lease is renewable in ten-year increments for an additional 40 years. The Huntsville Hospital Health System board of directors will discuss and take action on this Letter of Intent in the next several weeks.
Helen Keller Hospital's COO and incoming CEO, Paul Storey, said the agreement with Huntsville Hospital Health System will strengthen healthcare for the citizens of the Shoals. "This is an exciting time for Helen Keller Hospital. We have been in a management agreement with Huntsville Hospital Health System since 2010 and have found the relationship with them to be extremely beneficial and rewarding for our patients, employees and physicians. Their commitment to a not-for-profit philosophy and their dedication to quality patient care are in keeping with the mission of Helen Keller Hospital. This is a challenging financial time for hospitals in the state of Alabama, and we are thrilled by the prospect of enhancing healthcare for the people of Colbert County and the Shoals by entering into a stronger relationship with Huntsville Hospital Health System."
Assuming both parties approve the agreement, a closing date will be determined.