Saint Mary's Hospital in Waterbury, Conn., is forming a joint venture with LHP Hospital Group, Inc., according to a news release.
Under the agreement, LHP and Saint Mary's will have an equally-shared governance structure and LHP will own a majority equity position in the joint venture that will own the hospital. Saint Mary's will also retain its Catholic identity and mission.
LHP will support the hospital financially, operationally and clinically for five years. It will provide Saint Mary's with capital to eliminate its debt, increase security for its pensioners and establish a foundation for community health needs. LHP will also help implement health information technology and expand existing service lines, among other projects.
Read the release on Saint Mary's Hospital and LHP (pdf).
Read more coverage on hospital transactions:
- Iasis Healthcare Purchases Majority Interest in Houston's St. Joseph Medical Center
- Tennessee's RegionalCare Makes Unsolicited Offer to Acquire Cheyenne Regional Medical Center
- Georgia's Hutcheson Medical Submits Revised Partnership Proposal to Erlanger
Under the agreement, LHP and Saint Mary's will have an equally-shared governance structure and LHP will own a majority equity position in the joint venture that will own the hospital. Saint Mary's will also retain its Catholic identity and mission.
LHP will support the hospital financially, operationally and clinically for five years. It will provide Saint Mary's with capital to eliminate its debt, increase security for its pensioners and establish a foundation for community health needs. LHP will also help implement health information technology and expand existing service lines, among other projects.
Read the release on Saint Mary's Hospital and LHP (pdf).
Read more coverage on hospital transactions:
- Iasis Healthcare Purchases Majority Interest in Houston's St. Joseph Medical Center
- Tennessee's RegionalCare Makes Unsolicited Offer to Acquire Cheyenne Regional Medical Center
- Georgia's Hutcheson Medical Submits Revised Partnership Proposal to Erlanger