St. Mary’s Hospital in Connecticut To Become a “For Profit” Working as a Joint Venture With LHP Hospital Group
Posted Mar 23 2011 10:45pm
It makes one wonder if we will end up having any non profits left when everything gets done shaking out. As it stands now it will be business as usual with honoring the current religious standards at the hospital from the Catholic church.
From what I am reading here LHP are both the financial and management individuals that offer their money and expertise to hospitals on how to make money. BD
From the LHP Website:
“LHP Hospital Group, Inc. (LHP) is a privately held company, established to provide essential hospital capital and expertise to not-for-profit hospitals and hospital systems, with which it forms joint ventures to own, operate and manage acute care hospitals. Headquartered in Plano, Texas, LHP is owned by affiliates of private equity firm CCMP Capital Advisors, LLC, and the CPP Investment Board, as well as members of management. “
In many important ways, Saint Mary's Hospital will remain the same institution it has been for the past 104 years, even after the dust settles from its announcement Tuesday that it will become a for-profit, tax-paying business. The hospital, founded in 1907, revealed plans to form a partnership with a Plano, Texas, company that will invest nearly $200 million. Under the definitive agreement, the hospital will be owned and operated as a joint venture between a successor company to Saint Mary's Health System, the hospital's current owner, and LHP Hospital Group Inc., a privately owned hospital management and development company.