Bassett Healthcare Network, a six-hospital system based in Cooperstown, N.Y., and Rome (N.Y.) Memorial Hospital have signed a nonbinding letter of intent to partner.
Financial terms of the deal were not disclosed. Under the deal, Rome Memorial would become an affiliate of Bassett, but the 130-bed hospital would retain local autonomy.
In a news release, Rome Memorial President and CEO Basil Ariglio said the hospital has been exploring partnerships and collaborations for the past two years. Rome Memorial chose Bassett "because we share a common vision of what's necessary to improve the delivery of healthcare services in our region." Specifically, Rome Memorial expects Bassett will help expand primary care access and help mitigate physician shortages in the area.
Bassett President and CEO William Streck, MD, said the affiliation will also help both organizations prepare for "new reimbursement models that focus on managing the population's health more cost-effectively."
Both sides will now conduct due diligence before signing a definitive agreement. Due diligence is expected to last at least six months.
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