Montgomery, Ala.-based Jackson Hospital's board has voted to approve and recommend to its corporate members an affiliation agreement with HumanityCorp, a private equity company that has partnerships with multiple hospitals and health systems across the U.S., the hospital said in a June 6 news release shared with Becker's.
"The board of trustees has recommended the corporate members join the board by voting for final approval of this mission-aligned affiliation with HumanityCorp and its industry partners," according to the hospital statement. "The hospital and board are excited about this partnership opportunity, and the parties agree that continuing Jacksonl's commitment to quality healthcare through this affiliation is the best path forward for our community and those we serve."
A spokesperson for the 344-bed hospital would not provide further details on the proposed affiliation and whether or not the hospital would be acquired by HumanityCorp.
HumanityCorp's affiliations and partnerships include Rochester, Minn.-based Mayo Clinic, revenue cycle company Capta Health Partners and Albuquerque, N.M.-based Presbyterian Healthcare Services, according to its website.
The company describes itself as a "public benefit" entity focused on improving healthcare outcomes while offering attractive returns to investors and "empowering not-for-profit hospital systems to convert their back-office cost centers into valuable financial assets."
HumanityCorp's business model is broken down into three areas:
1. To enable nonprofit health systems to generate new revenue streams by converting operating expenses into assets.
2. Generate returns for "impact investors."
3. Create new capital to accelerate the adoption of technologies to improve healthcare outcomes.
Jackson Hospital's corporate members must provide final approval before the affiliation is official, but no date has been provided for when that may happen.