St. Mary's Health System in Waterbury, Conn., and Plano, Texas-based LHP Hospital Group have been asked by Connecticut Attorney General George Jepsen to submit an application for their proposed joint venture, according to a St. Mary's news release.
State review and approval is required for the joint venture, which is between a non-profit hospital and for-profit entity. State officials are interested in how the change in ownership may affect the hospital's patient populations, whether it will change medical services and what approach the new ownership will take towards charity care.
St. Mary's announced in March that it was accepting a $200 million capital infusion from LHP — a majority stake, shifting the non-profit to a for-profit entity, according to a hospital news release. St. Mary's has 60 days to submit an application and hearings are expected in the fall.
Read the release on St. Mary's Health System and LHP Hospital Group.
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State review and approval is required for the joint venture, which is between a non-profit hospital and for-profit entity. State officials are interested in how the change in ownership may affect the hospital's patient populations, whether it will change medical services and what approach the new ownership will take towards charity care.
St. Mary's announced in March that it was accepting a $200 million capital infusion from LHP — a majority stake, shifting the non-profit to a for-profit entity, according to a hospital news release. St. Mary's has 60 days to submit an application and hearings are expected in the fall.
Read the release on St. Mary's Health System and LHP Hospital Group.
Related Articles on Hospital Joint Ventures:
Duke, LifePoint Joint Venture to Acquire North Carolina's Person Memorial Hospital
Michigan's St. John Providence Forms Joint Venture With Local Surgeons to Co-Manage Surgical Services
Missouri's St. Francis Medical Center Enters Joint Venture for 3-Bed Hospital