You might have heard that Helena’s hospital is under new ownership, but did you know the transaction price?
The Helena Health Foundation agreed to acquire the hospital from Progressive Health Group of Oxford, Mississippi, in exchange for assuming about $5 million of the hospital’s debt.
The sale closed on May 31.
The debt included the accounts payable and the money PHG owed when it bought the 127-bed hospital from Quorum Health of Brentwood, Tennessee, for $2.5 million in early 2024.
Under PHG, Helena Regional Medical Center was renamed Progressive Health of Helena.
(The hospital is now called Helena Regional Medical Center, but that name might change.)
If you recall, Progressive Health’s purchase was touted as saving the hospital, which was losing millions annually.
The Helena hospital also became a rural emergency hospital, which allowed it to get a cash infusion of more than $260,000 a month and better reimbursement rates for outpatient care. In return for the designation, hospitals halt inpatient care and pledge to keep a staffed emergency department 24 hours a day.
Quentin Whitwell, CEO and owner of Progressive Health Group, told Arkansas Business in October that the rural emergency hospital designation saved the hospital. “And you know, we’re right about to the break-even point right now,” he said last year.
Whitwell didn’t return messages for comment.
Sign up for Daily E-news
