Memorial Hospital is no longer run by the City of Colorado Springs. The hospital is now run by the University of Colorado Health System, and the lease went into effect Oct. 1.
Hospital representatives said that all employees are celebrating the change.
"Whether it is up at our north hospital or downtown, everywhere I have gone, people are just excited. There is almost a sense of relief. There is a buzz around the place," said Brian Newsome, a spokesperson for the hospital.
The Colorado Springs city attorney, Chris Melcher, said that the city has been paid and all documents have been signed.
However, these changes will not mean much to patients coming in to seek care, in the short-term.
"Things will look pretty much the same, but in the long term I think there could be some pretty profound changes. You know, we are teaming up with some amazing partners," said Newsome.
Colorado Springs received $259 million of up front money. Those funds will go into an escrow account and be used for the City Healthcare Foundation and to resolve a PERA dispute.