IRON MOUNTAIN, MI-- Bellin Health has terminated an asset purchase agreement for Dickinson County Healthcare System.
When the hospitals signed the original letter of intent in December the purchase price was expected to be between $40 million and $50 million. DCHS officials say although they took steps to reduce expenses and implement cost-saving measures, the hospital suffered significant unpredicted losses. Those losses drove up the asset purchase price.
Bellin officials say while their hospital is a financially healthy organization, an increasing financial commitment combined with DCHS losses are cause for concern.
The hospitals have agreed to continue discussions to find other alternatives. In the meantime they’ll continue to collaborate to provide healthcare in Iron Mountain and Dickinson County.
