After months of talks and poring over ledger sheets, the board that oversees East Jefferson General Hospital on Wednesday night unanimously approved a deal to sell the financially distressed hospital to New Orleans-based LCMC Health. LCMC will pay $90 million to buy the hospital and will commit to spending another $100 million in capital improvements over the next five years. Little of that money will go to the parish, however. The $90 million will be combined with the hospital’s cash and investment reserves to pay off the hospital’s $135 million in debt and fully fund its pension plan at a cost of approximately $50 million, as well as meet other obligations. Any money left over after that will remain with the parish. The deal is necessary to keep the hospital alive, according to board chairman Dr. Donald Bell.
Read the full article: East Jefferson Hospital Board OKs Sale to LCMC; Deal Now Heads to Parish Council //