The University of Iowa and Mercy Iowa City have signed a letter of intent for the university to acquire all the operating facilities and key assets of Mercy for a proposed $20 million as the hospital faces financial struggles. Leaders with Mercy Iowa City said the plan is to transition the hospital and its employees to UI Health Care, preserving the services Mercy Iowa City provides, along with preserving its doctors and employees. The hospital remains open and its physicians and employees continue to provide care for patients amid the transition. The plan involves Mercy filing a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
Read the full article: University of Iowa to Acquire Mercy Iowa City //