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- University of Minnesota Moves to Reclaim Teaching Hospital from Fairview in Multi-Year Deal
University of Minnesota Moves to Reclaim Teaching Hospital from Fairview in Multi-Year Deal
This summary article was compiled using multipe sources — see links below to read further.
The Summary: The University of Minnesota plans to buy back its teaching hospital in Minneapolis from Fairview Health Services, marking a significant move more than 25 years after Fairview acquired the facility.
Deal Terms and Timeline: Regents at the University voted to approve a non-binding letter of intent for the deal, which is expected to close by the end of 2027; however, specific details such as the purchase price are yet to be finalized.
Background and Motivation: The decision follows Fairview's failed merger proposal with Sanford Health and the University's desire to require its primary teaching hospital.
Operational Impact and Affiliation Negotiations: Patient care and day-to-day operations at the medical center will continue unchanged for now, with no anticipated layoffs and plans to minimize disruptions as ownership transitions.
Regulatory Approval and Future Planning: The deal is expected to lead to the formation of a new board to oversee the hospital during a transition period, with full control transferring to the University by the end of 2027.
From Fairview CEO James Hereford: “This is a critical first step towards a new and reimagined relationship that will better meet the current and future needs of our patients and our community.”
From U of M President Jeff Ettinger: “What I think this does provide is this common vision, if you will, that both Fairview and the university agreed to.”
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