UnityPoint Health-Waterloo Buying Struggling Hospital
A Waterloo healthcare provider plans to buy the financially-strapped hospital in Marshalltown.
A federal bankruptcy judge has selected UnityPoint Health-Waterloo as the successful bidder to purchase Central Iowa Healthcare (CIH), which declared bankruptcy last year after Marshalltown Medical and Surgical Center (MMSC) lost $20 million. Court documents show that CIH filed for petition under Chapter 11 of the U.S. Bankruptcy Code on Dec. 20, 2016.
As part of the filing, CIH asked the court to approve a plan to sell substantially all of the company's assets to UnityPoint Health–Waterloo. The assets include the 49-bed acute care hospital (MMSC), emergency department, an outpatient center and four primary care clinics (located in Conrad, Marshalltown, Toledo and State Center).
The transaction is expected to be finalized this spring. The ownership ruling occurred during a court hearing on Thursday (March 16, 2017).
UnityPoint Health-Waterloo operates two area hospitals and more than a dozen healthcare clinics in Waterloo, Cedar Falls and surrounding communities. Allen Memorial Hospital in Waterloo and Grundy County Memorial Hospital in Grundy Center are both affiliated with UnityPoint Health-Waterloo, which also provides guidance and daily administration to Community Memorial Hospital in Sumner under a management agreement with the facility's Board of Directors.
UnityPoint Health-Waterloo is affiliated with UnityPoint Health, one of the nation's most integrated health systems.