LifeBridge Health has finalized an agreement to acquire Westminster, Md.-based Carroll Hospital Center, effective April 1.
Carroll Hospital Center will become a subsidiary of the Baltimore-based LifeBridge, which currently operates three hospitals and a number of medical care clinics. In exchange, LifeBridge will invest $250 million to build and renovate the hospital's facilities and to expand medical services at the 193-bed hospital, according to the Baltimore Business Journal.
Carroll Hospital Center will retain its board and leadership under LifeBridge. The hospital has been seeking a partner to aid in its efforts to improve quality and cut costs, a difficult task for an independent hospital. LifeBridge, which operates Sinai Hospital of Baltimore, Northwest Hospital and Levindale Hebrew Geriatric Center and Hospital, reported $1.3 billion in gross revenue in 2013, according to the report.
"Having Carroll really strengthens our organization," said LifeBridge CEO Neil Meltzer in an interview. "It's allowing us to expand our services and grow our collective network. Our philosophy has always been about smart, strategic growth."