The three L+M applications were the first to be made under a new process available in Rhode Island which is directed at expediting the regulatory review for a Rhode Island hospital that is financially distressed and is being acquired by another non-profit hospital.
The Westerly Hospital filed for receivership in December 2011. In August 2012, Rhode Island Superior Court Associate Justice Brian Stern, the judge presiding over the receivership, approved L+M's bid to buy The Westerly Hospital.
Asante (OR) Health Systems Announces 'Positive Step' in Ashland Hospital Deal
Asante Health Systems President/CEO Roy Vinyard has told employees at the Medford, OR-based system that "positive steps" have been taking toward the acquisition of Ashland Community Hospital.
"After several weeks of earnest negotiations, ACH, the ACH Foundation and Asante have agreed upon a letter of intent that outlines terms for an agreement. Though we remain optimistic that ACH will join Asante, I emphasize that this is just a step albeit a very significant one toward that goal," Vinyard wrote in the memo.
Vinyard said the deal requires the approval of the Ashland City Council, which owns Ashland Community Hospital. The council is scheduled to review the proposal at its regular meeting on Feb. 19. Under the proposal, Asante would make $10 million in capital improvements to Ashland Community and would attempt to avoid employee layoffs.