Phoebe Putney to acquire Albany rival

The hospital authority that owns Phoebe Putney Memorial Hospital has agreed to purchase its longtime Albany competitor Palmyra Medical Center for $195 million.

The acquisition, announced Tuesday, would cement Phoebe Putney’s dominant position in the southwest Georgia market. Phoebe and Palmyra have battled for years for patients in the region. The nonprofit Phoebe, though, has held a competitive advantage by possessing the only state license to offer hospital obstetric care in Albany until recently.

A deal is expected to close in January. Palmyra, currently owned by HCA, a Nashville-based, for-profit company, would then become a nonprofit hospital like Phoebe Putney.

Whether the acquisition raises regulatory concerns about competition is an open question. The two hospitals are the only such facilities in Albany.

Here’s an article from Fox 31 News about the deal.