Indianapolis-based St. Vincent Health will manage operations at Monroe Hospital in Bloomington under an agreement announced Tuesday.

Monroe gives St. Vincent control of hospitals stretching from Indianapolis to Bedford and even farther south to Salem and Evansville. St. Vincent owns or operates 22 hospitals around the state.

The only other Indiana hospital with that kind of geographic reach is Indianapolis-based Indiana University Health, which owns Bloomington Hospital.

“The agreement with Monroe Hospital allows us to continue to deliver optimal care throughout the Bloomington region, and enhance our relationships with area physicians, businesses and residents,” said Kevin Speer, St. Vincent’s chief strategy officer, in a prepared statement.

St. Vincent will oversee quality and safety efforts, physician relations, patient experience, finance and other functions to increase efficiency and reduce costs. The 32-bed facility, which opened in 2006, is owned by Alabama-based Medical Properties Trust Inc.

Monroe has routinely lost money, including a loss of $13.2 million in 2011, according to hospital reports to the federal Medicare program, made available by the website AHD.com. Monroe had total patient revenue last year of $102.4 million.

The hospital had been courting potential partners or buyers for at least two years. It entered discussions not only with St. Vincent, but also with Mishawaka-based Franciscan Alliance and Munster-based Community Healthcare System.

Brad Hollinger, chairman of the Monroe Hospital board, said in a prepared statement, “We look forward to working with St. Vincent to offer enhanced services to meet the unique healthcare needs of Monroe Hospital’s primary and secondary markets.”