JEFFERSONVILLE, Ind.--(BUSINESS WIRE)--The Board of Trustees of Clark Memorial Hospital (CMH) and Regional Health Network of Kentucky and Southern Indiana, a joint venture between Norton Healthcare and LifePoint Health, today announced that the acquisition of CMH by Regional Health Network is complete. This new partnership gives CMH access to new resources that will allow it to strengthen its operations, and enhance and expand its services to meet the evolving healthcare needs of communities throughout southeast Indiana.
“This is an exciting day for Clark Memorial, our team members, physicians and patients,” said Martin Padgett, president and chief executive officer (CEO) of CMH. “Our team spent the last several months analyzing this partnership to ensure it is the right fit for our hospital and the communities we serve. That process only strengthened our belief that Norton Healthcare and LifePoint Health are the ideal strategic partners for us. We are delighted to officially join Regional Health Network.”
Under the terms of the agreement, Regional Health Network will invest a minimum of $80 million in capital and technology improvements at CMH over the next 10 years. Regional Health Network also has provided sufficient funding to retire the hospital’s debt, including its pension obligations.
“This is an exciting milestone in our relationship with Clark Memorial, and we are delighted to welcome the hospital to Regional Health Network,” said Russell Cox, president of Norton Healthcare. “Norton has had the privilege of working alongside Clark Memorial for many years and witnessed firsthand the outstanding efforts of its leadership, team members, physicians and volunteers. I see even greater opportunity to grow the hospital working together with LifePoint in the months and years to come.”
As part of the acquisition, Regional Health Network offered employment to all active CMH team members and assumed all physician contracts. It has adopted CMH’s charity care policies and will create a board with members from CMH, Regional Health Network and the community to ensure a local voice in the strategic direction of the hospital.
“Clark Memorial Hospital provides exceptional care and service to its community,” said William F. Carpenter III, chairman and CEO of LifePoint Health. “The hospital’s commitment to quality and being a place where people choose to come for care, physicians want to practice and employees want to work is part of what attracted us to it. Our cultural alignment and shared focus on making communities healthier will allow us to transform healthcare delivery in this region.”
The new partnership offers many benefits to Clark County and surrounding areas. As part of Regional Health Network, CMH is becoming a tax-paying entity, which will support the local community.
The agreement of CMH by Regional Health Network was reviewed and approved by the Clark County Council and Commissioners during a public meeting on July 23.
About Clark Memorial Hospital
Since 1922, Clark Memorial Hospital has provided superior health services to the residents of southern Indiana. Today, Clark Memorial Hospital is a 241-bed acute care facility located on a 22-acre campus in Jeffersonville, Ind. The campus also includes two medical office buildings and an outpatient surgery center. Clark Memorial also owns an Urgent Care and Diagnostic Imaging Center eight miles north of the main campus and manages its growing physician offices through the Clark Physician Group. Clark Memorial’s 1,600 employees, 55 employed providers, and more than 200 active medical staff bring the culture of patient centered care to nearly 82,000 patients each year. With a long-standing tradition of care and continuous expansion of new programs and services, Clark Memorial Hospital is truly a premier health care provider and a standard for excellence in the region.
About Regional Health Network of Kentucky and Southern Indiana
Regional Health Network of Kentucky and Southern Indiana is a joint venture of LifePoint Health (NASDAQ: LPNT) and Norton Healthcare. It offers community hospitals the operational support of a leading national health system and the clinical support of a strong regional network that understands the unique needs of Kentucky and Southern Indiana. Regional Health Network and its affiliate hospitals are dedicated to advancing high quality healthcare and ensuring that people across the region have access to a strong continuum of care. To learn more, visit www.theregionalhealthnetwork.com.