By Michelle Price
UCBJ Managing Editor
COOKEVILLE – The Cookeville Regional Medical Center (CRMC) board was informed last night that the high bidder for Cumberland River Hospital (CRH) in Celina was not able to secure the financing to complete the purchase. The board voted to terminate discussions with the Osborn Group and to accept the bid from the next highest bidder, Celina Healthcare, LLC.
The bid received from Celina Healthcare, LLC was $300,000. Celina Healthcare is a new company formed in 2019 based in Clinton, Tennessee, with Stephen Clapp and Dr. Mark Clapp (his brother) listed as owners.
The Clapp brothers have over 50 years’ experience working in the healthcare field. Stephen Clapp has worked in healthcare administration for over 25 years. Dr. Mark Clapp has been a practicing rural medical physician for nearly 30 years.
The owners previously owned a hospital company that owned three facilities, including Cumberland River Hospital.
The next step in the purchase will be getting the documents prepared and waiting for the down payment to be deposited in escrow, according to Paul Korth, CRMC CEO.
“He has assured us he can come up with the money,” said Korth. “That’s about all you can do until you really get into it and they actually make a deposit and put the money there. They tell you that. The last company told us that. The last company showed us proof of financing, that they had the ability to do it, but then when it came down to it, wasn’t able to do it.”
The CRMC board voted to accept the bid from Celina Healthcare, LLC and to request that the Cookeville City Council consider approving the purchase at their July 18 meeting.