IRMC selects Cleveland Clinic as Partnership Finalist

Dear Employees, Physicians, and Friends of Indian River Medical Center,

We are extremely pleased to announce that, after an intensive months-long evaluation process, members of the Indian River Medical Center (IRMC) Board of Directors and the Indian River County Hospital District (IRCHD) today selected Cleveland Clinic as the best partner to help secure the future of Indian River Medical Center.

We were extremely fortunate to be choosing from among four exceptional organizations, all of which have unique strengths. We believe that a partnership with Cleveland Clinic, a world-class organization, is the best way to grow upon the foundation of quality clinical care which you have built at IRMC.

The process to get to this point has been thorough and rigorous. After selecting the four finalists in late November, Board members and trustees held a series of public meetings, both at IRMC and at the respective suitors’ facilities, to conduct due diligence and measure all four proposals against the Board and Trustees’ strategic objectives. That was followed by a presentation to members of both boards from Juniper Advisory, the strategic financial advisor for the process, summarizing the revised proposals submitted by the four finalists. The two boards then met separately to select a preferred partner.

Now, IRMC leadership, IRCHD trustees and Cleveland Clinic will begin preparing a non-binding letter of intent (LOI) that outlines plans for our partnership. In the months ahead, IRMC, the Trustees and Cleveland Clinic will work to finalize the terms of an agreement and will perform the detailed legal and financial due diligence that is part of reaching a definitive agreement, the next step in this process.

It is because of your commitment and the culture that you all have built that we had strong interest from terrific organizations. As we move forward in the partnership process, we are guided by your exceptional professionalism and compassionate care. Cleveland Clinic shares our patient-first focus, and we look forward to working with them on building a partnership that makes sense for our community.

Thank you for all you do to serve our patients and our community every day.

Sincerely,

Wayne T. Hockmeyer, PhD., Chair
Indian River Medical Center Board of Directors

Marybeth Cunningham, Chair
Indian River County Hospital District Trustees