INDIAN RIVER COUNTY — The Cleveland Clinic takeover of the Indian River Medical Center moved a giant step closer Wednesday when it was unanimously approved first by the IRMC Board of Directors and minutes later by the Indian River Hospital District Trustees.
The deal that will turn the medical center into Cleveland Clinic Indian River Hospital is expected to be signed by the three parties later this week. It then will be submitted to state and federal regulators for review. The actual change in ownership is expected to take place somewhere between Dec. 1, 2018, and Feb. 1, 2019.
Cleveland Clinic has agreed to invest $250 million in improvements to the IRMC over the first 10 years of an agreement that, with options, could run 75 years. Cleveland will also assume $102 million in liabilities.
After 30 months, Cleveland will also take full responsibility for care of Indian River County indigent patients, which will save county taxpayers an estimated $6 to $7 million a year.