Scott Memorial Hospital Joins Norton and LifePoint Joint Venture
Acquisition brings capital, infrastructure and clinical resources to community hospital; will improve care throughout Scott County and surrounding regions
SCOTTSBURG, Ind.--(BUSINESS WIRE)-- The Board of Directors of Scott Memorial Hospital, a 25-bed critical access hospital serving Scott County, Ind., and the Regional Health Network of Kentucky and Southern Indiana, a joint venture of Norton Healthcare and LifePoint Hospitals®, today announced they have finalized the acquisition of Scott Memorial Hospital.
Under the terms of the agreement, the Norton Healthcare and LifePoint joint venture will invest $3 million in the hospital over the next five years and collaborate with Scott Memorial to strengthen the services it offers, invest in new technology, recruit needed physicians, and ensure the continuum of care for patients through specialized healthcare services provided by Norton Healthcare. Other terms of the agreement were not disclosed.
"Scott Memorial is very pleased to finalize this acquisition," said Donna Faris, Chair of the Scott Memorial Hospital Board of Directors. "We chose Norton Healthcare and LifePoint as the best owner for Scott Memorial Hospital because of the clinical and operational resources and expertise they bring to our community as well as their commitment to quality care and the future of this hospital. We are excited about the many advantages this acquisition will bring to our patients, employees and medical staff."
All Scott Memorial employees were offered employment at the hospital, subject to pre-employment screenings. Additionally, the services offered at the hospital will be maintained and expanded as capital investments are made in technology and new physicians are recruited. Norton and LifePoint have agreed to maintain Scott Memorial's commitment to provide charity care. Because the Norton Healthcare and LifePoint joint venture is a tax-paying organization, the community also will benefit from new tax revenues the hospital will provide.
"Norton Healthcare and LifePoint are excited to partner with Scott Memorial to enhance care in Scott County and the surrounding areas," said Stephan A. Williams, President and CEO of Norton Healthcare. "Together, with the hospital's management team, employees and medical staff, we look forward to enhancing the services Scott Memorial offers and ensuring the continuum of care for its patients today and for years to come."
The acquisition of Scott Memorial Hospital by the Regional Health Network of Kentucky and Southern Indiana will be the first for the joint venture between Norton Healthcare and LifePoint, which was formed in May 2012. LifePoint is the managing partner and Norton Healthcare serves as the clinical partner.
"We are pleased that Scott Memorial Hospital is the first hospital to join the Regional Health Network of Kentucky and Southern Indiana," said William F. Carpenter III, Chairman and Chief Executive Officer of LifePoint Hospitals. "We see great opportunities to enhance the care provided in this region. We are excited to partner with Scott Memorial to expand the hospital's services to meet the needs of the community and make investments in new technology, physician recruitment and other key areas that will help strengthen its operations."
About Scott Memorial Hospital
Scott Memorial is a 25-bed community hospital located in Scottsburg, Indiana that provides short-term inpatient and outpatient health care. Scott Memorial has been providing care to Scott County and its neighboring communities since 1959 and the hospital is the central component in the community's health care delivery system. The hospital has a medical staff of approximately 90 providers, maintains a critical access designation under the Medicare and Medicaid programs, and is a leading employer in Scott County, with approximately 200 full time employees.
About Norton Healthcare
For more than 125 years, Norton Healthcare's faith heritage has guided its mission to provide quality health care to all those it serves. Today, Norton Healthcare is the Louisville area's leading, most comprehensive health care system (45 percent market share) and third largest private employer, providing care at more than 125 locations throughout Greater Louisville and Southern Indiana. The Louisville-based not-for-profit system includes five Louisville hospitals with more than 1,800 licensed beds; five outpatient centers; 12 Norton Immediate Care Centers; 11,300 employees; more than 480 employed medical providers; and about 2,000 total physicians on its medical staff. Norton Healthcare is the 2011 recipient (and the only one in the state of Kentucky) of the prestigious National Quality Forum National Quality Healthcare Award and has consistently been recognized as one of the best places to work in Metro Louisville, the state of Kentucky and nationally. Norton Healthcare and Humana are one of only four national pilot sites, and the only one in Kentucky, to study the Accountable Care Organization (ACO) model through the prestigious Brookings - Dartmouth ACO Pilot Project. More information about Norton Healthcare is available at NortonHealthcare.com.
About LifePoint Hospitals
LifePoint Hospitals® is a leading hospital company focused on providing quality health care services close to home. Through its subsidiaries, LifePoint operates 57 hospital campuses in 20 states. With a mission of "Making Communities Healthier®," LifePoint is the sole community hospital provider in the majority of the communities it serves. More information about the company, headquartered in Brentwood, Tenn., can be found at www.LifePointHospitals.com. All references to "LifePoint," "LifePoint Hospitals" or the "Company" used in this release refer to LifePoint Hospitals, Inc. or its affiliates.
Scott Memorial Hospital
Tori Pugh, 812-752-8542
Thomas Johnson, 502-629-8092
Michelle Augusty, 615-372-1459
KEYWORDS: United States North America Indiana Kentucky Tennessee
The article Scott Memorial Hospital Joins Norton and LifePoint Joint Venture originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.