Under the agreement, the two hospitals will form CharterCARE Health Partners, which will control 579 licensed hospital beds, employ around 3,200 people and have an estimated annual operating revenue of about $330 million, according to the report.
This merger is the first to be completed under Rhode Island’s Hospital Conversions Act, passed in 1997, which placed tougher rules and a stricter approval process on hospital mergers. Prior to the Attorney General’s approval, St. Joseph and RWMC had agreed to 22 conditions set by the R.I. Department of Health, which included pre-merger melding of the two hospitals’ corporate compliance and ethics policies, a plan to standardize all clinical policies and procedures within three years and a searchable Web site with the prices of services for people paying out of pocket, according to the report.
Integrated operations are expected to begin in Jan. 2010.
Read the Business News’ report about the RWMC and St. Joseph merger.
