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Helena Regional Medical Center Being Sold

1 min read

Progressive Health Group of Oxford, Mississippi, has entered into an agreement to buy the 127-bed Helena Regional Medical Center and its related physician clinics.

Terms of the deal were not disclosed. The transaction is expected to close Dec. 31, pending regulatory approval, according to an Oct. 31 news release from Helena Regional.

Helena Regional has been bleeding money in recent years. In 2022, it lost $8.57 million on $12.75 million of net patient revenue. The hospital has reported at least a $1.3 million loss every year since 2004. It closed its labor and delivery unit in 2020.

“Preserving the heartbeat of our local health care is of utmost importance,” Bob Moore, CEO of Helena Regional Medical Center, said in the news release. “By joining Progressive Health Group, we’re taking a significant step to help maintain access to health care for Helena and the communities we serve.”

The Progressive Health Group owns, operates or manages 12 hospitals and medical centers in Arkansas, Tennessee, Mississippi, Alabama and Georgia.

“Rural hospitals are currently facing an unprecedented rate of closure,” Quentin Whitwell, CEO of Progressive Health Group, said in the news release. “Maintaining health care access is imperative, especially for the millions of Americans in rural communities. We are excited about the promising future for Phillips County and Helena Regional Medical Center.”

Progressive Health Group said in the release that employment will continue for “substantially all employees in good standing at the time of transition.”

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