With Mr. Stern’s approval, the acquisition can receive regulatory review prior to the actual closing, according to the release.
According to the agreement, L&M is committed to maintaining Westerly as an acute-care facility for at least five years, and all clinical services will continue for at least two years after Westerly is officially acquired. L&M will assume all of Westerly’s current secured debt and has promised $6.5 million in working capital. The agreement also calls for an investment of $30 million from L&M over a five-year period to address improvements in technology, equipment and the physical plant, according to the report.
More Articles on Lawrence & Memorial, Westerly Hospital Acquisition:
Superior Court to Rule on Lawrence & Memorial Hospital’s Bid for Westerly Hospital
L&M Memorial Hospital is Lone Bidder for Westerly Hospital in Rhode Island
Judge Approves Lawrence & Memorial’s $69M Bid for Westerly Hospital in RI
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
