Bay Medical center has a new suitor

By: Amber Southard Email
By: Amber Southard Email

Panama City - We're learning more about the Tennessee company that has submitted a bid to lease Bay Medical Center. One of the management firm's senior vice presidents spent time today talking to Bay County Commissioners, and News Channel 7's

Last month Bay Medical Board gave administrators the go ahead to negotiate with the sacred heart group out of Pensacola, but Regional Care Hospital Partners may force bay medical to re-evaluate their options. Jeff Forshee got face time with every Bay County Commissioner Wednesday, talking about what his company has to offer Bay County.

"We do understand that the county has final say in who the partner is, so we felt like it is prudent for us to introduce ourselves and our company," said Jeff Forshee, V.P. of Business Development.

What Regional Care has to offer is $200 million to lease Bay Medical Center.

"Our management team has been together for 15 years we've been together and operated over 200 hospitals throughout the country in the last 25 years," said Forshee.

Regional Care currently manages four small to medium sized hospitals in Alabama, Iowa, and Ohio, and is merging with another company that manages three hospitals in Connecticut, Pennsylvania, and Texas.

The company's $200 million bid is about $45 million more than Sacred Heart is offering for Bay Medical. So why the huge difference?

"We looked at their financial statements and some market research and studies and felt that the fair value of this facility is well above what the current offer is," said Forshee

Bay County Commissioners must approve any lease deal. Commissioner Bill Dozier wants the commission to hire a consultant firm to assist in the decision.

"None of us our experts in this area, so I think its wise to do that, but at the same time we're not going to rush through this. I think it's important to have at least one public hearing on it," said Dozier.

Bay Medicals Board of Trustees meets Thursday morning at 9:00. There's a good chance the board will discuss the Regional Care bid.


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