It's a new day at Marquette General Hospital.
The Marquette General Board of Trustees has finalized the sale of MGH to Duke LifePoint, making MGH a for profit hospital for the first time.
"We think it's going to make a great impact on the quality of healthcare and the sustainability and stability of our hospital's system," said Judy Watson Olson, Vice Chair of the MGH Advisory Board.
According to the MGH advisory board, the name will stay the same and most of the day to day operations will not change.
However, $350 million worth of capital improvements are in the pipeline.
Over the next decade, Duke LifePoint plans to build an out patient center, more private rooms, and invest in expanding specialty programs.
Duke LifePoint will also use that money to recruit new physicians.
"It's always a challenge, plus a wonderful opportunity to bring physicians to the Upper Peninsula," said Watson Olson.
"But we think with our new connections with Duke LifePoint, we'll have a new opportunity to get the word out about our beautiful peninsula and the opportunities for families, and for a doctor to come here."
Business leaders in Marquette see the investment as an opportunity for new revenue.
"Marquette city -- over 50 percent of the city is non-taxable because of the hospital and the university, so this really changes that dynamic for the city in what they can earn in taxable value," said Amy Clickner, CEO of the Lake Superior Community Partnership.
The city is still in the process of assessing MGH's value.
However, the community will receive approximately 15 million dollars in profit from the sale to go towards MGH'S charitable foundation.
"Moving from a community hospital to a for profit hospital will also put dollars into the foundation that will be available for undeserved areas in up and marquette County," said Clickner.
M arquette General boasts a 2,600 workforce making it the number one employer in the UP.
A ccording to the board, no cuts are expected.
F or now the board will focus on strategic planning for those capital investments.