UnityPoint Health stands to make $75 million in the expected transfer of three Peoria-area hospitals to the Carle Health banner.
That's according to documents filed Monday with the Illinois Health Facilities and Service Review Board, a state regulatory agency.
The affiliation swap includes Methodist, Proctor, and Pekin hospitals, as well as Proctor's dialysis center and the new Young Minds Institute in the former Heddington Oaks nursing home.
The fair market assessed value of the properties is more than $355 million, per the filing.
In the filing, Carle Health says it is committed to fulfilling the funding requirements to open the Young Minds Institute, a youth behavioral health facility. Carle also wants to modernize and enhance surgical, emergency, and outpatient services at the hospitals, according to the filing.
Carle Health said it will seek cost savings "with the goal of enhancing operational uniformity, efficiency, quality, outcomes and performances, as well as access to inhouse resources of Carle’s system."
Any change to the scope of services offered at the facilities within two years after the agreement would need to obtain HFSRB approval first. The health care providers also couldn't adopt more restrictive charity care policies for at least two years after the transaction closes.
Carle currently owns or operates hospitals in the Eureka, Champaign, Bloomington-Normal, and Danville areas. UnityPoint Health is based in West Des Moines, Iowa.
The deal is still expected to close by January 1 pending regulatory approval, per spokespeople from both Carle Health and UnityPoint Health.
