Proposed sale price of Community Medical Center in Missoula increases to nearly $75 million

IndustriesAssociated Press

An outside analysis of the proposed sale of Community Medical Center in Missoula has increased the price by more than $7 million to nearly $75 million, a report by the attorney general's office said.

The nonprofit hospital's board of directors announced in September that it had agreed to sell its assets to a partnership between Billings Clinic and RegionalCare Hospital Partners for $67.4 million.

Continue Reading Below

The proposed sale must be approved by the attorney general. The state hired CBIZ Valuation Group from St. Louis, which set the fair market value of the hospital's assets at between $67 million and $75 million.

The new figure includes a $500,000 contribution by Billings Clinic/RegionalCare Hospital Partners to the University of Montana Foundation. The money will be forwarded to Missoula College efforts to advance an initiative that seeks to improve the quality of health care while reducing costs and improving a community's overall health.

The attorney general's office also is taking public comment on the proposed sale. It is expected to make a decision by year's end on whether it was prudent for the hospital board to decide to sell the hospital's assets; whether the Billings Clinic/RCHP is the right choice for a buyer; and whether the sale will substantially lessen competition within the market.

The proceeds from the sale must be put into a foundation with a health-focused mission that serves the same area as the hospital.