Partners, Hallmark Health Nail Down Definitive Affiliation Agreement
Boston-based Partners HealthCare and Melrose, Mass.-based Hallmark Health System have signed a definitive affiliation agreement.
Under the deal, Partners would become the sole corporate owner of Hallmark and would integrate Hallmark within its system. Financial terms were not disclosed.
The definitive agreement builds off the systems' memorandum of understanding from this past fall. The potential deal involves four hospitals: Lawrence Memorial Hospital of Medford and Melrose-Wakefield Hospital in Melrose, both of which are part of Hallmark, as well as Union Hospital in Lynn and Salem Hospital, both of which are part of Partners' North Shore Medical Center.
Melrose-Wakefield Hospital would remain a full-service acute-care hospital, but Lawrence Memorial Hospital would be converted into a short-stay inpatient and ambulatory facility. Within North Shore Medical Center, Salem Hospital would assume most hospital-based medical and surgical services. Union Hospital would host centers of excellence in primary care and behavioral health, partially operated by Massachusetts General.
The affiliation now requires final approval and review from federal and state agencies, including the Massachusetts Department of Public Health. The Massachusetts Health Policy Commission is also in the process of reviewing the deal.
More Articles on Hospital Transactions:
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