Doctors from Chrissie Tomlinson Memorial Hospital, along with other investors, finalized a deal Wednesday to buy the hospital from its founder, Dr. Steve Tomlinson.
Dr. Yaron Rado, one of the new owners, said the deal has been in the works for four years. “It has taken a lot of persistence,” he said, “but now is when the real work starts.”
Dr. Tomlinson will remain at the hospital, focused solely on treating patients. “I sincerely believe it is in the best interest of our islands that the physicians and medical practitioners, all of whom are deeply attached to CTMH, are able to continue to grow the hospital,” he said in a press release.
“I know the hospital has a strong future under the governance of this experienced CTMH team, and I am proud to pass the baton to this new generation of leaders.”
Dr. Tomlinson named the hospital for his mother, who died shortly after her son broke ground on the Walkers Road facility.
Dr. Rado called the sale a “generational change” and told the Cayman Compass, “We do have some big plans.” He said the new owners are keeping those plans to themselves for the time being. He said most of the doctors at the hospital, as well as some outside investors and business people in Cayman, bought shares.
Patients will not see any changes with their doctors, nurses and staff, he said, but they will see some changes soon, which he described as a “streamlining” and “face-lift” to the hospital’s operations.
“We will be more competitive than we were before,” said Dr. Rado, a radiologist at the hospital.
“We have some ambitious growth plans and now we have financial support; the next few years represent a tremendous opportunity to build on Chrissie Tomlinson’s history of exceptional healthcare,” he said in a statement announcing the sale.
In the short term, Dr. Rado said, “We will assess more than doing big things.
“Doctors look after patients, that’s what we do best,” he said in an interview after the sale was announced. He emphasized that that is what the new owners plan to continue doing.
Dr. Rado said the new owners “took over the hospital as it is,” including keeping the staff and taking over all existing contracts.
Chrissie Tomlinson Memorial Hospital was opened as a private, for-profit hospital in May 2000 by Dr. Tomlinson. The 18-bed hospital specializes in surgery, with 26 doctors and 120 people on staff.
Earlier this year, the group of doctors advertised for Caymanian investors to help buy and run the hospital, with a goal of raising about $30 million to purchase the hospital and its assets.
The ad said the capital from investors would be used to “purchase the real estate upon which the hospital is located, purchase shares in the operating companies, including equipment and supplies, employ the requisite expertise and provide additional capital for upgrades during the first year of operation of the business.”
In an interview last year, Dr. Tomlinson told the Cayman Compass that the hospital has about 120 major cases a month.