The law firm Spilman Thomas & Battle, PLLC (Spilman) announced that a team of attorneys recently assisted Fairmont General Hospital in its sale to Alecto Healthcare Services LLC. The sale is expected to be one of many in West Virginia given the current regulatory environment for the health care industry.
“In today’s uncertain health care climate, we were very pleased to successfully transition this community-based facility,” said Michael S. Garrison, who led the Spilman team in this matter. “In our experience, it is becoming more challenging than ever to successfully market a stand-alone hospital, and we are hopeful that it will be a model for other properties – especially those in highly regulated states.”
“Additional mergers and acquisitions are undoubtedly on the horizon for our state’s hospitals and health care facilities,” he continued. “We look forward to assisting other small hospital boards and CEOs with the process.”
Fairmont General Hospital President and CEO Peggy Coster said, “We are delighted to keep our hospital here in Marion County, and this purchase will allow the hospital to make many of the capital improvements that will allow us to better serve our community.”
Mike Sarrao, Alecto Executive Vice-President and General Counsel, said, “We believe in community hospitals and in the quality of care they provide. With the ever-changing health care landscape, Alecto’s mission is to keep independent community hospitals open so that they can continue to provide care to the communities they serve.”
Fairmont General Hospital filed Chapter 11 Bankruptcy in September 2013. The hospital has continued to provide quality health care services to the community. Following completion of the sale, it has been renamed Fairmont Regional Medical Center.
