Marquette, MI – (Great Lakes Radio News) – Another Upper Michigan hospital has been acquired by LifePoint Hospitals.
The Portage Health Board of Directors and LifePoint Hospitals have finalized the joint venture agreement to share ownership and operation of Portage Health in Hancock.
The joint venture brings $60 million in capital improvements to Portage Health and approximately $40 million to fund a charitable foundation to support the community.
Under the agreement, LifePoint and Portage Health will jointly own and operate the hospital with LifePoint owning 80 percent and Portage Health owning 20 percent.
Over the next decade, $60 million will be invested in capital improvements at Portage Health, including technology and equipment and improved facilities.
Also, Portage Health will become a local taxpaying organization, which will bring additional revenue to Hancock.
