Feds approve Pen Bay-MaineHealth merger
A merger of Rockport-based Pen Bay Healthcare and MaineHealth has cleared final regulatory approval, getting a thumbs up from the Federal Trade Commission.
The approval follows similar action last month from the state Department of Health and Human Services, putting Pen Bay on track to become a full member of Portland-based MaineHealth by the end of December, reported the Herald Gazette. The merger, which won approval from Pen Bay's incorporators in January, provides Pen Bay with $3 million from MaineHealth to install electronic medical record systems, and stipulates Pen Bay must save $1 million in administrative costs in the first 36 months of the merger and pay MaineHealth 0.45% of net operating revenues.
Pen Bay Healthcare is the parent company of Penobscot Bay Medical Center and other midcoast medical providers, while MaineHealth is parent to Maine Medical Center in Portland, Miles Memorial Hospital in Damariscotta, Waldo County General Hospital in Belfast and others.
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