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LHP Hospital Group, Inc. Announces Waterbury Hospital Will Join Saint Mary’s Hospital in Connecticut Hospital Joint Venture

September 15, 2011

Officials at LHP Hospital Group, Inc. (LHP) announced recently that they have signed a letter of intent to merge the previously announced hospital joint venture (JV) between LHP Hospital Group, Inc. (LHP) and Saint Maryâs Health System, Inc. (Saint Maryâs) with the Greater Waterbury Health Network, Inc. (GWHN), which includes The Waterbury Hospital.

Plano, TX (PRWEB) September 15, 2011

Officials at LHP Hospital Group, Inc. (LHP) announced recently that they have signed a letter of intent to merge the previously announced hospital joint venture (JV) between LHP Hospital Group, Inc. (LHP) and Saint Maryâs Health System, Inc. (Saint Maryâs) with the Greater Waterbury Health Network, Inc. (GWHN), which includes The Waterbury Hospital.

The combined revenue of both hospitals will be more than $520 million, making it one of the larger hospitals in the State of Connecticut. The combined hospital joint venture will invest $400 million to construct a new state-of-the-art medical center that will replace both The Waterbury Hospital and Saint Mary’s Hospital.

âœAfter thoroughly analyzing the health care needs of the Greater Waterbury region, we concluded that coming together with LHP and Saint Maryâs to build a modern, state-of-the-art replacement facility would bring the best in health care to patients for generations to come,â said Carl Contadini, Chairman of The Waterbury Hospital Board of Trustees. âœThis is a momentous day for The Waterbury Hospital and the community we serve. We will not only create new construction jobs and help the local economy but we will position the Greater Waterbury community to become the regional leader for health care services in southern New England. We could not be more pleased.â

âœWe look forward to facilitating the construction of a new modern, state-of-the-art hospital facility and building a collaborative hospital environment that includes physicians, caregivers and the community. I commend the leaders of Waterbury and Saint Mary’s for their vision and courage in taking this significant step,â said Dan Moen, Chief Executive Officer of LHP. âœThese two fine hospitals have provided quality health care services to the Greater Waterbury region for more than 100 years, and LHP is honored to become a part of that tradition and the exciting future that lies ahead.â

âœWe are delighted that The Waterbury Hospital has chosen to partner with LHP and Saint Mary’s,” added Moen.

The combined hospital joint venture will commit to operate its health care facilities in accordance with the âœcommunity benefit standardsâ applicable to not-for-profit health care systems, and will also operate in accordance with the Ethical and Religious Directives for Catholic health care services. Day to day management will be provided by an affiliate of LHP.

LHP will own an 80% interest in the JV, with GWHN and Saint Maryâs each owning a 10% interest. Governance will be shared between all three parties.

âœThe combined joint venture between LHP/Saint Maryâs and The Waterbury Hospital is the realization of a shared vision to create a combined health care delivery system to serve the Greater Waterbury community.â said Robert Mazaika, Chair of the Saint Maryâs Joint Venture Task Force. âœThe Waterbury Hospital and Saint Maryâs have collaborated on a number of successful ventures over the years â” including the Harold Leever Regional Cancer Center and the Heart Center of Greater Waterbury-that have greatly benefited the community. Now we have the opportunity to transform the delivery of local health care as a combined system.â

âœThe construction of a modern, high-tech replacement facility means that physicians will be able to provide the most advanced, sophisticated health care available for years to come,â said Carl B. Sherter, MD, Chief of The Waterbury Hospital Medical Staff. âœThe combined joint venture is an extremely welcome development for the medical staff of Waterbury Hospital and the patients we serve.â

Dr. Jerry Sugar, who serves on the Saint Maryâs Joint Venture Task Force, concurred. âœThis is a historic day for Greater Waterbury and our two community hospitals. It will ensure that we can deliver outstanding health care for generations. LHP is an outstanding partner that truly values working with doctors, and we are very lucky to have them. This is also an excellent example of a private corporation and not-for-profit hospitals coming together to create something that would not have otherwise been possible.â

The next steps in the hospital joint venture transaction will be to complete customary due diligence, negotiate and finalize the definitive agreements, and obtain the necessary approvals from various regulatory bodies.

About LHP Hospital Group, Inc.

LHP Hospital Group, Inc. (LHP) is a privately held company established to provide essential capital and expertise to community hospitals and hospital systems. In cooperation with local hospitals, LHP forms hospital joint ventures to operate and manage acute care facilities in small cities and select urban markets throughout the United States. Headquartered in Plano, Texas, LHP is owned by affiliates of the private equity firm CCMP Capital Advisors, LLC and the CPP Investment Board as well as selected members of management and the board of directors. For more information, please go to http://www.lhphospitalgroup.com.

About Saint Maryâs Health System

Saint Maryâs Health System is a leading regional healthcare provider anchored by Saint Maryâs Hospital, an acute care community teaching hospital that has served Greater Waterbury for more than 100 years. Licensed for 347 beds, Saint Maryâs is designated as a Level II Trauma Center and Primary Stroke Center, offers award-winning cardiac care and houses the regionâs only pediatric emergency care unit. As the leading provider of surgical services in Greater Waterbury, Saint Maryâs was the first to introduce the daVinci® Robotic Surgery System. The health systemâs satellites and affiliates extend from Waterbury to Wolcott, Naugatuck, Southbury, Prospect and Watertown. For more information, please go to http://www.stmh.org.

About Waterbury Hospital

Waterbury Hospital is the largest private employer in the Greater Waterbury region, and serves a vital role in the economic vitality of Western Connecticut. It is a private, non-profit acute care teaching hospital licensed for 367 beds and affiliated with the Yale School of medicine, the University of Connecticut School of Medicine and Connecticut Childrenâs Medical Center. Founded in 1890 as Waterburyâs first and Connecticutâs fourth hospital, Waterbury Hospital is a full-service community health-care institution with centers of excellence in primary care, cardiac services, behavioral health and orthopaedics. For more information, go to http://www.waterburyhospital.org.

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For the original version on PRWeb visit: http://www.prweb.com/releases/prwebhospital/joint-venture/prweb8796643.htm


Source: prweb



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