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Indian River Medical Center, Indian River County Hospital District and Cleveland Clinic Sign Letter of Intent to Pursue Partnership

Friday, March 2nd, 2018

VERO BEACH, Fla. (Feb 28, 2018) – The rigorous partnership process for Indian River Medical Center enters its next stage today, as members of the Indian River Medical Center (IRMC) Board of Directors and the Indian River County Hospital District (IRCHD) Board of Trustees signed a letter of intent with Cleveland Clinic to pursue exclusive negotiations.

“Cleveland Clinic is a nationally renowned and in fact a global leader in healthcare,” said IRMC Board Chair Dr. Wayne Hockmeyer. “A partnership with them will provide residents of Indian River County with some of the best care in the country.”

“More than anything else, I’m proud of the process that has brought us to this point,” said IRCHD Chair Marybeth Cunningham. “We still have a lot of important work to do, and we look forward to getting to know Cleveland Clinic better over the coming months. But the process to this point has yielded great results, and we have done it with a great deal of support and input from the public.”

“During the course of our application process, we have come to recognize the dedication to patient care at Indian River Medical Center,” said Wael K. Barsoum, M.D., President, Cleveland Clinic Florida. “We are honored and feel privileged to be able to be in this position with the Vero Beach community.”

When finalized, a partnership with Cleveland Clinic also promises to encourage economic development in the local community. Having a world-class healthcare organization will aid in recruiting businesses to Indian River County. In addition, philanthropy for IRMC is likely to increase.

Now that all parties have signed the non-binding letter of intent, they will begin negotiations towards a definitive agreement that will set the specific terms of the transaction. The definitive agreement and related agreements will be reviewed by the IRMC Board and the Trustees, who will vote separately on approval. Once a definitive agreement is signed, it will be subject to regulatory approvals, following which the transaction will close, and the relationship will begin.

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