HANCOCK, Mich. (AP) — A joint venture between Portage Health and LifePoint Hospitals Inc. is expected to bring $60 million in capital improvements to a health system serving Michigan’s Upper Peninsula.
The Portage Health Board of Directors and LifePoint announced Monday they’ve finalized the venture. The change also is expected to bring about $40 million to fund a charitable foundation. Brentwood, Tenn.-based LifePoint will own 80 percent of the venture.
Portage Health has a 36-bed hospital and a 60-bed skilled nursing unit and related health services in Hancock and Houghton. It also has nine other locations.
Also Monday, the Bell Hospital Board of Directors finalized its agreement for the Ishpeming heath provider to be acquired by LifePoint. LifePoint will make $5 million in capital investments there over 10 years.