Partnership talks between Trinity Health, a nonprofit health system based in Minot, N.D., and Billings Clinic RegionalCare, a joint venture of Billings (Mont.) Clinic and Brentwood, Tenn.-based RegionalCare Hospital Partners, have folded.
Here are five things to know about the partnership talks.
1. The two health systems began a due diligence process last June after Trinity's board signed a letter of intent to become part of Billings Clinic RegionalCare. However, the two parties did not reach a definitive agreement before the due diligence period expired Oct. 31.
2. Reasons as to why the partnership talks folded were not disclosed.
3. Trinity Health initiated partnership discussions early this year with the goal of bolstering its growth-oriented strategies in central and western North Dakota. Moving forward, the health system will continue with its plans to build a new hospital and medical district, according to Trinity Health board chairman Pat Holien. "Trinity Health is fortunate to be in a position of financial and clinical strength, so we can take the time necessary to ensure our strategic goals and objectives are achieved," Mr. Holien said in a news release.
4. Trinity Health President and CEO John Kutch said the health system will also continue to explore partnerships.
5. Although partnership talks have ceased, Julie Burton, Billings Clinic's director of communications, said the two health systems worked cooperatively throughout the due diligence process, according to a Grand Forks Herald report. "We look forward to watching what Trinity Health does in the future in Minot and wish them all the best," Ms. Burton added.
More articles on healthcare transactions and partnerships:
Memorial Family of Services to join Virginia Mason: 5 things to know
Quest Diagnostics to buy part of Hartford HealthCare: 7 things to know
Dearborn County Hospital, TriHealth to affiliate: 7 things to know