WICHITA FALLS, TX (KAUZ) - Bowie Memorial board members are going in a different direction to reopen the now closed hospital.
Board members have decided to enter in an agreement with an investment broker.
This decision comes shortly after the members chose to discontinue further negotiations with the hospital's potential buyer, the Brough Group.
This new route is said to help the hospital get funding from the state and federal government, along with financial support from private investors.
Jose Marquez, CEO of the Colmar Group said his company is going to use a two prong strategy, and his team will look for federal tax incentive funding that will allow the hospital to have long term equity.
Marquez said private investors will purchase the hospital and put new management in place and hire employees.
These investors will buy out the present owners and bring in their own management team.
“It's very possible to get a buyer it just has to be marketed correctly to the right folks who want to invest in health care,” said Marquez.
He adds because of the board's urgency to make a deal fast, private equity funds are going to be needed.
“This hospital actually qualifies for federal tax incentive funding,” said Marquez.
He believes the hospital should have no problem getting approved for these programs.
“Geographically it is in the right census track which is considered economically distressed, that's by the federal designation,” said Marquez.
Marquez assures Bowie residents these investors would not spend their money if they were only interested in selling the hospital or closing it down.
The Colmar Group's CEO said he is very excited about this opportunity, and he hopes to have the hospital open again in 60 to 90 days.