BONHAM, Tex. -- Officials at the Red River Regional Hospital in Bonham say they want to bring ownership of the hospital back to the community that uses it the most.
Red River Regional Hospital in Bonham could soon be under new ownership, but those new owners aren't necessarily new to the hospital.
"That’s one of the reasons that we conceived of this idea. It’s kind of free-standing from the whole group, and we thought we had a good chance, and they were willing to entertain that possibility, and we are in discussions with them about getting this done."
David Conejo is the CEO at Red River Regional and says over the past three months hospital officials have been working together to form a local investment group consisting of physicians and area leaders to buy back the hospital from Adentus Healthcare for an estimated value of $5.5 million.
It’s an investment which Conejo says will pay off in the end.
"We anticipate that within 12 months time the value on this will be much higher just based on the improvements that have been made in the last couple of years and then capitalizing on those improvements."
Conejo says the investment group will raise $2 million to put toward the total cost and split up ownership amongst the group with no one group member owning more than 10% of the hospital.
"In that regard, you're not going to have physicians swayed by directing people to the hospital if they need to go elsewhere for a higher level of care."
Red River Regional was built 38 years ago, and at the time was owned my multiple donors.
Now officials are trying to reapply that idea, hoping the sale goes through and is complete by the beginning of next year.