Massachusetts hospitals are changing hands and consolidating so fast my head is spinning. Here’s the latest news: Steward Health Care is buying Saints Medical Center in Lowell. From the Steward press release:
Saints Medical Center to join Steward Health Care System
Boston – July 21, 2011 – Saints Medical Center (Saints) announced today that its Board of Trustees voted to enter into and execute an asset purchase agreement to become a part of Steward Health Care LLC (Steward), the largest fully integrated community care organization in New England.
“Having Saints Medical Center join Steward means that Lowell will finally have two financially secure hospitals here to serve the needs of the community. That will improve the quality of care delivered locally and increase access to local health care services for the people of the Greater Lowell community,” said Stephen J. Guimond, Saints President and CEO.
As part of the affiliation agreement Steward will provide Saints Medical Center with:
-A five-year capital commitment with a $35 million investment
-Immediate access to $5 million in capital for mutually agreed upon capital needs
• A commitment to maintain all community benefits and charity care at current levels
• A commitment to maintain Saints as an acute care hospital for a minimum of 10 years
Immediate access to Steward’s fully integrated community care organization
A commitment to maintain a locally based Board responsible for hospital quality, physician credentialing and community benefit planning
A commitment to preserve the hospital’s Catholic identity and compliance with the Ethical and Religious Directives for Catholic Health Care