MISSOULA — Community Medical Center in Missoula has reached an agreement with Billings Clinic and a hospital management firm to sell its assets for $67.4 million.
The agreement, announced Tuesday, must be approved by the attorney general’s office. It would transform Community Medical from a not-for-profit corporation to a for-profit hospital.
Hospital spokeswoman Mary Windecker says under state law, the proceeds from the sale must be used for similar public benefit. She says the hospital is still working on the specifics, which also must be approved by the attorney general’s office.
As part of the proposed sale, RegionalCare Hospital Partners of Tennessee and Billings Clinic have committed $40 million over the next 10 years toward physician recruitment.
Community officials say the sale will help the Missoula hospital make capital improvements and expand and enhance its services.
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