Saint Mary’s Hospital has announced plans to form a joint venture (JV) with LHP Hospital Group (LHP) in the US.
The agreement calls for an equally shared governance structure, while LHP will own a majority equity position in the newly formed JV that will own the 347-bed acute care community teaching hospital.
Saint Mary’s plans to use LHP’s capital infusion to eliminate debt, improve healthcare and provide greater security to its pensioners.
LHP will make additional investments of at least $75m for capital expenditures above routine levels.
In the next five years, LHP will support Saint Mary’s with financial resources and clinical expertise in a number of areas such as facility improvements and upgrades, further development of existing services, improving physician recruitment and employee retention.
LHP will also implement the latest health information technology and enable access to experts, resources and best practices of its national healthcare network.
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