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Lakeside Systems, Inc. And Providence Health & Services California Region Announce Equity Investment to Advance Access to Quality, Affordable Healthcare

Posted on: Tuesday, 8 April 2008, 09:04 CDT

GLENDALE, Calif., April 8, 2008 /PRNewswire/ -- Marking the success of a mutual business relationship between two organizations committed to delivering high quality, affordable healthcare, Lakeside Systems, Inc. (Lakeside) and Providence Health & Services California Region (PH&S-CA) today announced a significant multi-million dollar equity investment by PH&S-CA in Lakeside, giving PH&S-CA a minority position in Lakeside. Under this agreement, Lakeside and PH&S-CA will dedicate resources to expand the integration and coordination of healthcare services as an answer to what has become a crisis in healthcare: issues of cost, quality and access.

"Given the critical importance of delivering solutions to the healthcare crisis in our nation and our region, we are pleased that Providence Health & Services, one of the leading hospital systems, has made this investment in Lakeside," said Francesco Federico, M.D., president and CEO, Lakeside Systems, Inc. "As a result, Lakeside and Providence will extend the reach and services offered by both organizations, benefiting patients with a comprehensive, integrated network in the communities we serve."

"Lakeside's success in delivering a comprehensive, integrated approach to healthcare delivery -- with its depth of primary care and specialty services -- coupled with our demonstrated commitment to quality and access, will further our shared mission to help all who seek high quality, affordable healthcare, including the underinsured and uninsured," said Arnold R. Schaffer, Chief Executive, Providence Health & Services California Region. "We view working with Lakeside as a major component of our responsibility to sustain and grow the delivery of the finest care, efficiently and effectively."

According to terms of the agreement, Lakeside and PH&S-CA will dedicate resources to collaborate on new healthcare products and services, from ambulatory care and disease management to patient education and communications that enhance the patient-physician-hospital relationship; expand the reach of healthcare services, both geographically and demographically, to meet the community's needs; and grow services, such as health information systems, to better integrate and coordinate healthcare services to keep patients healthy and well cared for in an affordable, effective manner.

Lakeside and PH&S-CA have had a 21-year relationship in the San Fernando and Santa Clarita valleys, with many of Lakeside's physicians serving patients at Providence hospitals.

With this new investment, PH&S-CA will have one seat on the Lakeside board and one seat on Lakeside Comprehensive Healthcare, a Lakeside company that holds a Knox-Keene license, allowing it to contract for Medicare business. There are no changes in Lakeside's management structure.

Lakeside will continue to partner with other hospitals in its region as appropriate to meet the needs of its patients. Providence also will continue to maintain its strong working relationships with a number of other successful medical groups, IPAs and independent physicians with similar missions.

Privately held Lakeside Systems, Inc. is the parent company of Lakeside Healthcare, one of Southern California's leading for-profit integrated comprehensive healthcare organizations. Lakeside Healthcare brings more than 20 years of innovation in healthcare delivery and management systems to its integrated network of services, including a medical group, an independent practice association (IPA) and a management services organization. The company's medical group and IPA together offer patients a continuum of high quality, affordable healthcare, serving more than 250,000 patients in Los Angeles and Ventura Counties, with more than 500 primary care and 1,100 specialty physicians, three urgent care centers and a surgery center. For more information, visit http://www.lakesidehealthcare.com/.

Providence Health & Services is a not-for-profit organization with 25 hospitals and 35 non-acute facilities in five states, including Alaska, Washington, Montana, Oregon and California. Co-sponsored by the Sisters of Providence and the Sisters of Little Company of Mary, Providence Health & Services California Region operates in Los Angeles County four acute care medical centers, more than a dozen outpatient centers, four skilled nursing facilities and a medical foundation. For more information, visit http://www.providence.org/losangeles.

Lakeside Systems, Inc.; Providence Health & Services California

CONTACT: Dan Boyle, Director, Media Relations of Providence Health &Services California, direct, +1-818-847-4602, cell, +1-818-209-1692,dan.boyle@providence.org; or Bonnie Goodman, direct, +1-818-766-5404, cell,+1-213-308-9539, bgoodmancomm@roadrunner.com for Lakeside Systems, Inc.

Web site: http://www.lakesidehealthcare.com/http://www.providence.org/losangeles

Source: PRNewswire

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