Members of the Indian River Medical Center (IRMC) Board of Directors and the Indian River County Hospital District (IRCHD) have selected Cleveland Clinic as their partner to fuel future growth and the continued delivery of quality healthcare services by IRMC. This decision was reached after a partnership process that involved careful consideration by both the Hospital Board and the District Trustees. With Cleveland Clinic, IRMC will continue a long history of patient-first healthcare delivery to Indian River County and surrounding areas.
Cleveland Clinic and Community Benefit
Juniper Advisory is acting as IRMC’s financial advisor during this strategic partnership process. IRMC’s ability to attract interest in a business combination from four exceptional hospital companies is a significant accomplishment for the hospital and its local communities. In particular, the selection of Cleveland Clinic by a mid-sized hospital in Florida represents the first partnership of its kind between such a highly-ranked, internationally known health system and a hospital.
The Local Government’s Role
Like many hospitals across the United States, IRMC is a community-sponsored hospital company that leases property and buildings from a local governmental entity — in this case, a health district. This is similar to many structures nationwide in which local governments share the responsibility for community healthcare delivery. Juniper assisted in overcoming the economic and governance complexities inherent in such arrangements by working with both boards to achieve this outcome and broad public support.
Indian River Medical Center
IRMC is a nonprofit community health system based in Vero Beach on Florida’s Treasure Coast. For 85 years, IRMC has been a vital resource for Indian River County. Once a small, 21-bed community hospital, IRMC has grown into a 332-bed medical center that sees more than 57,000 patients each year. Its outstanding surgical outcomes have earned it top recognition from the Society of Thoracic Surgeons, who named it one of the best cardiac surgery programs in America. As an integral part of the healthcare community, IRMC provides exceptional, patient-centered, evidence-based healthcare to residents of Indian River County and surrounding areas.
Cleveland Clinic is a nonprofit multi-specialty academic medical center and health system that integrates clinical and hospital care with research and education. Headquartered in Cleveland, Ohio, it was founded in 1921 by four renowned physicians with a vision of providing outstanding patient care based upon the principles of cooperation, compassion, and innovation. U.S. News & World Report consistently names Cleveland Clinic as one of the nation’s best hospitals in its annual “America’s Best Hospitals” survey. Cleveland Clinic’s health system includes a 165-acre main campus near downtown Cleveland, 10 regional hospitals, and locations in Weston, FL, Las Vegas, Toronto, Abu Dhabi, and London.
For additional details, please refer to the press release.