LRGHealthcare Bankruptcy Sale Order Approval
Today, Robert P. Steigmeyer, Concord Hospital President and Chief Executive Officer, announced that the U.S. Bankruptcy Court, District of New Hampshire issued a final order approving Concord Hospital’s acquisition of Lakes Region General Hospital, Franklin Hospital and their ambulatory sites after LRGHealthcare in Laconia, NH filed for bankruptcy on October 19, 2020. With this approval, the parties will be making the required regulatory filings with the New Hampshire Attorney General (AG), with a goal of being able to close the sale transaction shortly following clearance from the AG.
“Our goal in acquiring the two Lakes Region hospitals is to build a sustainable health system in the region,” Steigmeyer said. “Lakes Region communities need access to local health care and our intent is to keep services in the communities and accessible to all.”
For the immediate future, there will be no major changes in the delivery of services. As Concord Hospital begins an integration process, the Hospitals’ staff will identify the best and most effective way to deliver healthcare services in the Lakes and Capital Regions.
Oversight of the Lakes and Franklin hospitals, including finance, human resources and public affairs, among others, will be managed by Concord Hospital leadership, but clinical service departments will operate separately at each hospital, under each hospital’s license, Steigmeyer said. “This gives us the opportunity to fully support operations at the two hospitals while learning how to best serve our patients,” he explained.
“LRGHealthcare has provided excellent healthcare services in the communities the organization serves, and we intend to honor that commitment,” Steigmeyer added. “We don’t want to disrupt these services; we want to build upon them.”
“The Lakes Region is an extension of Concord Hospital’s service area, particularly for some tertiary services, and so acquiring these two hospitals aligns with our not-for-profit, charitable mission,” he said.
For more information about the acquisition, go to www.tessgrantham.com/lrghealthcare. This website will be regularly updated as new information becomes available.