COLUMBUS, Ga.--(BUSINESS WIRE)--The St. Francis Hospital Board of Trustees and LifePoint Health today announced a significant milestone in their proposed partnership. The organizations have reached an agreement in principle for a subsidiary of LifePoint to acquire St. Francis Hospital, and they have submitted their agreement to the Attorney General of the State of Georgia for review and approval.
“This is a significant step in our journey to align St. Francis with the right strategic partner for the future, and we could not be more pleased to have reached this milestone with LifePoint,” said Richard Y. Bradley, chairman of the St. Francis Hospital Board of Trustees. “As part of LifePoint, St. Francis will have access to the support and resources needed to not only move beyond our previous financial challenges, but to strengthen our operations and advance how we care for our communities in the future. After reaching this agreement, we are more enthusiastic than ever about joining the LifePoint system.”
The proposed partnership with LifePoint will strengthen St. Francis’ operations and enhance the healthcare services the hospital provides people in Columbus and surrounding communities. As part of the agreement, LifePoint will commit to:
- Preserving local healthcare services and investing in St. Francis’ facilities and future;
- Engaging physicians to further enhance high quality, safe, patient-centered care;
- Maintaining local jobs and hiring all employees at the time the transaction is completed, subject to standard pre-employment screenings;
- Supporting initiatives to improve the health and well-being of the communities St. Francis serves;
- Continuing the hospital’s charity care policy;
- Using proceeds to help satisfy St. Francis Hospital’s financial obligations, including paying off its Housing and Urban Development (HUD) loan; and
- Ensuring continued local involvement in the governance of the hospital.
Upon joining the LifePoint system, St. Francis also will become a taxpayer, providing an important source of new tax revenue to support the local economy.
“The prospect of welcoming St. Francis Hospital to LifePoint is exciting,” said LifePoint Chairman and Chief Executive Officer William F. Carpenter III. “The hospital is a leader in quality care whose dedicated team of associates, physicians and volunteers has contributed so much to the health and wellbeing of their communities. We see great opportunities for us to collaborate and build on St. Francis’ legacy of excellent, compassionate care. We look forward to taking the next steps in finalizing this partnership.”
The agreement is now subject to review and approval by the Attorney General of the State of Georgia, a process that can take up to 90 days. Upon approval by State authorities and the satisfaction of customary closing conditions, the partnership will be finalized.
About St. Francis Hospital
St. Francis, a 376-bed facility, offers a full range of inpatient, outpatient and emergency room services and is the only area hospital offering open heart surgery. With more than 2,800 employees, 300 physicians and the latest technology, we strive to help you regain and maintain your health. Our overriding goal is to provide you with the best possible care. For more information, visit www.wecareforlife.com.
About LifePoint Health
LifePoint Health (NASDAQ: LPNT) is a leading healthcare company dedicated to Making Communities Healthier®. Through its subsidiaries, it provides quality inpatient, outpatient and post-acute services close to home. LifePoint owns and operates community hospitals, regional health systems, physician practices, outpatient centers, and post-acute facilities in 21 states. It is the sole community healthcare provider in the majority of the non-urban communities it serves. More information about the company can be found at www.LifePointHealth.net. All references to "LifePoint," "LifePoint Health" or the "Company" used in this release refer to affiliates or subsidiaries of LifePoint Health, Inc.