A new foundation has been created following the sale of Community Medical Center to oversee the endowment of the sale proceeds.
CMC, Inc., the holding company left over from the hospital's sale, is seeking nominations to fill six more volunteer positions on the board of directors of the newly created Community Hospital Legacy Foundation, which will receive $64.2 million of the proceeds from the sale to support a health care-focused mission in western Montana.
The sale of CMC to Billings Clinic/RegionalCare Hospital Partners, estimated at $74.8 million, was recently approved by the Montana Attorney General Tim Fox's Office.
Three members of the board already have been chosen. They are former directors of Community Medical Center: physicians Mike Stewart and Jay Lowder, as well as Robert Phillips.
Because of limits on the number of health care providers allowed to be on the board at any given time, CMC, Inc. is looking for non-clinical public health professionals at this time.
Current employees of Community Medical Center, RegionalCare and Billings Clinic are not eligible to be a board member, except for physicians or mid-level employees of Community Physicians Group.
The board is seeking individuals with a background in investments and asset management, accounting, finance, law, nonprofit administration, clinical health care, public health and health care administration.
In a news release, CMC, Inc. said candidates should have an interest and familiarity with public health issues in western Montana, as well demonstrate an ability to commit their time to the foundation.
The previous Community Medical Center Foundation split off from CMC following the hospital's sale, and has been renamed the Foundation for Community Health, broadening its mission to support health-related initiatives in the Missoula area.