CRMC Cancels Celina Hospital Deal With Osborn Group

Cookeville Regional Medical Center has canceled negotions with Ohio-based Osborn Group in selling Cumberland River Hospital.

CRMC’s board of trustees has recommended moving forward with the second-highest bidder Steve Clapp and Celina Healthcare, LLC.

CRMC Chief Executive Officer Paul Korth spoke on the hospitals decision following Thursday’s board meeting.

“[Clapp has] assured us he can come up with the money,” Korth said. “That’s about all you can do until you really get into it, they make a deposit, and put the money there. The last company told us that, showed us proof of financing and that they had the ability to do that. But when it came right down to it, they weren’t able to do it.”

Board Chair Bob Duncan made the motion to accept Celina Healthcare’s bid proposal.

“Our expectations will be that they would provide funds in escrow within 30 days, and close as soon as possible thereafter,” Duncan said.

The board initially selected Osborn with a $500,000 bid compared to Celina Healthcare’s $300,000 bid.

The Board’s recommendation will go to the Cookeville City Council for approval. Korth said CRMC will work with Clapp and Celina Healthcare in setting up the transaction prior to the council’s next meeting July 18 meeting.