Hoadley is looking for a new ownership group to transform the medical care of its two hospitals.
The Valley Medical Services of Hoods Millwood, Ont., said in a news release Monday that it has signed an agreement to buy out Hoadlys Millwood Hospital, which has operated since 1986.
“We have had the opportunity to work with an experienced, caring and committed group of individuals who have a proven track record in developing and operating a hospital in Canada and have a strong track record of providing quality medical care,” the statement said.
The group will retain Hoadys operations as the new owners, which is expected to be completed in the coming months.
The sale of HMOs will allow the hospital to focus on delivering quality care to the province’s growing population of medical needs, the statement read.
“As a new company, we have been fortunate to have an extremely supportive board of directors, a strong leadership team, and a solid infrastructure in place for the future.
The Valley has a proven and proven track-record of delivering quality medical services to the communities we serve,” said Michael Hoadles, CEO of Valley Medical Systems.”
The Valley’s leadership team has proven their capacity to build long-term relationships with our community, and we are excited about the opportunity of partnering with them to bring the Valley Medical Centers brand to the larger community.”
Hoadley said it will maintain a core of 20 employees and will retain staff from both hospitals and other parts of the hospital.
The company said it plans to invest more than $20 million in the new company.
The announcement comes as the province struggles with the rising number of new health-care needs in rural communities and the increasing demand for more care in remote communities.
Hoadleys Millwood is a rural community in the northern part of the province.