HANCOCK, Mich. — Portage Health and LifePoint Hospitals have finalized their joint venture agreement to share ownership and operation of Portage Health. The joint venture will bring $60 million in capital improvements to Portage Health and approximately $40 million to fund a charitable foundation to support critical needs in the community.
Over the next decade, the joint venture will invest $60 million in capital improvements at Portage Health, including significant investments in technology and equipment and improved facilities. The proceeds from the transaction and retained assets from Portage Health, approximately $40 million, will be used to support the retained businesses of Portage Health and create a locally governed charitable foundation. Also, Portage Health will become a local taxpaying organization, which will bring additional revenue to Hancock and help support local projects.
“Our team is excited to partner with LifePoint to strengthen Portage Health for the future,” said Jim Bogan, Portage Health president and CEO. “As part of the LifePoint system, we have great opportunity to make Portage Health an even better place to come for care, practice medicine and work. Together, we can transform healthcare across the Upper Peninsula.”
