Worcester-based UMass Memorial Health Care has signed a letter of intent to sell Wing Memorial Hospital and Medical Centers in Palmer to Baystate Health of Springfield, UMass Memorial and Baystate Health said Wednesday.
Financial terms of the proposed acquisition are not being disclosed. Both UMass Memorial Health Care and Baystate Health are not-for-profit health care systems. One rationale for the transfer of ownership is that Wing Memorial Hospital would become part of a Western Massachusetts health care system, and that would mean that many Wing patients could get care closer to home, officials for the three entities said.
The transaction requires the approval of regulators, and UMass Memorial Health Care and Baystate Health added that they will continue to review the proposed sale, a process likely to take several months.
In a statement, Charles Cavagnaro, president and chief executive of Wing Memorial Hospital and Medical Centers, said: “For us to potentially be part of a vibrant, local, and regional health system closer to home that allows for improved access to and recruitment of specialists, access to capital investment, an accountable care organization and further supports our patients and their families is a win-win.”
In a separate statement, Baystate Health president and chief executive Mark R. Tolosky added, “While we recognize that we are only at the beginning of a long and complex process, we are very excited at the prospect of welcoming Wing Memorial, its patients, and employees to the Baystate Health family.”