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A Shocker! Saints Medical Center Agrees to Acquistion By Lowell General
Lowell Sun editor Chris Scott has a shocker of a story on the Lowell Sun “breaking news” site. According to Scott, the deal to be taken over by Steward Health Care LCC is dead! Instead Saints will be acquired by cross-town community health care “rival” Lowell General Hospital. The past few years has seen a series of ups and downs as Saints has sought a partner or a take-over. A deal with Covenant Health Systems owned by the Sisters of Charity fizzled. Other rumors surfaced until this recent deal with Steward Health Care – the now-owner of the Caritas Hospital system and a few other hospitals in the Merrimack Valley and Nashoba Valley – was put on the table. The possible take over by a for-profit hospital had a war of words fired by the CEO of Lowell General at Saints, its board members and the whole idea of the sale – calling for the Attorney General to step-in. In fact, the AG has jurisdiction in cases of a for-profit entity buying a not-for-profit hospital. But all that seems water under the dam.
Chris Scott reports:
Financially-ailing Saints Medical Center announced Thursday it will be acquired by its cross-town rival, Lowell General Hospital. Saints also announced its deal to become part of the rapidly expanding Steward Health Care LLC network is dead.
From the joint statement by the two hospitals:
“We believe that an affiliation with Lowell General Hospital will serve the needs of this institution and the Greater Lowell community now and in the future,” said Saints Board of Trustees Chairman Victor Poirier. “By joining with Lowell General, Saints will be able to thrive and succeed for the long term.
Combining our strengths will enhance our ability to recruit and retain the best doctors and nurses, expand our capacity to deliver highly specialized care, and coordinate our community outreach efforts to improve the health and wellness of the community,” said Norm Deschene, president and CEO of Lowell General Hospital.
Stay tuned.