ALTAMONTE SPRINGS, Fla., April 1, 2016 Bert Fish Medical Center and Adventist Health System officials have signed and closed on the agreement that allows Adventist Health System, which also owns and operates Florida Hospital, to acquire Bert Fish Medical Center.
As of April 1, Bert Fish Medical Center will be renamed Florida Hospital New Smyrna and will join the East Florida Region of Adventist Health System, which includes Florida Hospital DeLand in DeLand, Florida Hospital Fish Memorial in Orange City, Florida Hospital Flagler in Palm Coast, Florida Hospital Memorial Medical Center in Daytona Beach, and Florida Hospital Oceanside in Ormond Beach.
The Adventist Health System culture is built on a deep commitment to its people, the communities it serves, and dedication to both disease education and prevention, said Don Jernigan, president/CEO of Adventist Health System. With a devotion to our mission of extending the healing ministry of Christ, we will strengthen the current services available, grow in new areas of care, and remain patient-centered in care delivery.
"The Board of Bert Fish, along with our employees and medical staff, are excited for our future with Adventist Health System," said Steve Harrell, CEO of Bert Fish Medical Center. We are all pleased to see this agreement come to fruition and to officially join the Florida Hospital family.
In Nov. 2014, the Southeast Volusia Hospital District Board of Commissioners selected Adventist Health Systems proposal to acquire Bert Fish Medical Center. Over the last 16 months, the two health care organizations have worked diligently to finalize the details of the transaction and ensure the right agreement.
The agreement provides several benefits to the 112-bed New Smyrna Beach facility and Southeast Volusia County residents by reducing taxes for residents and infusing the facility with funds for capital and service improvements.
As part of the new agreement, Adventist Health System will pay $40 million in upfront cash to acquire the net assets of Bert Fish Medical Center and invest another $35 million into the hospital. Adventist Health System expects to focus on several capital improvement projects at the newly named Florida Hospital New Smyrna, including enhancing the emergency department, surgical services and hospital exterior, advancing IT, and privatizing patient rooms.
Florida Hospital plays a vital role within Volusia and Flagler counties, and as the Southeast Volusia area continues to expand, we strive to grow our relationship with the community and strengthen the health care services available to residents, said Rob Fulbright, Florida Hospital East Florida Region CEO.
With Florida Hospital assuming leadership, the New Smyrna Beach community will see a reduction in need of taxes by $42 million over a seven-year period. After seven years, the Southeast Volusia County tax obligation would be approximately 20% of the 2013 levels, or $3 million per year. In addition, Florida Hospital has proposed that the Southeast Volusia Hospital District Board of Commissioners use the proceeds from the sale of Bert Fish Medical Center to create an endowment to offset the remaining need of support of approximately $3 million per year.
Our organization follows through on our commitments, said Fulbright. If you review our history in Volusia and Flagler counties, you'll see a track record of focused stewardship while improving patients access to care. Since coming to the area, Adventist Health System has built two new hospitals: Florida Hospital Flagler in Palm Coast and Florida Hospital Memorial Medical Center in Daytona Beach. In addition, we've built several outpatient facilities, recruited both primary care physicians and specialists to the area, and enhanced the technology available to patients locally.
Within southeast Volusia County, Florida Hospital opened the New Smyrna Health Park, a $14.5 million outpatient facility on the southeast corner of I-95 and SR-44 in New Smyrna Beach, in September 2014.
Several years ago, the Southeast Volusia Hospital District recognized that Bert Fish Medical Center would need to partner with a larger health care organization to continue to provide quality health services to the residents of Southeast Volusia, said District Chairman Derwin Smothers. We know that Adventist Health System and Florida Hospital will provide the necessary expertise and resources to meet the needs of our community's future, while at the same time lowering the hospital tax rate on Southeast Volusia residents.
About Adventist Health System
Adventist Health System is a faith-based health care organization headquartered in Altamonte Springs, Florida. A national leader in quality, safety and patient satisfaction, Adventist Health System's more than 78,000 employees maintain a tradition of whole-person health by caring for the physical, emotional and spiritual needs of every patient. With 46 hospital campuses and nearly 8,200 licensed beds in ten states, Adventist Health System facilities incorporate the latest technological advancements and clinical research to serve more than 4.7 million patients annually. The full continuum of integrated care also includes urgent care centers, home health and hospice agencies, and skilled nursing facilities. Each Adventist Health System facility operates independently in delivering care and services to best meet the needs of the local communities they serve. While each entity is unique, all remain united in one mission of Extending the Healing Ministry of Christ.
