Local hospital rescued by fast – tracked merger and HR integration.
LARGEST FOR-PROFIT HOSPITAL SYSTEM FILES FOR BANKRUPTCY
On May 6, 2024, Steward Health Care (“Steward”), the largest for-profit health care system in the US, filed for Chapter 11 Bankruptcy. The fallout of this bankruptcy resulted in potentially catastrophic hospital closures across Massachusetts which had several Steward facilities. With the financial support and encouragement of Massachusetts’s Governor Healey, Lawrence General Hospital (“LGH”) with 2,000 employees located in the Merrimack Valley, agreed to purchase and integrate Holy Family Hospital (“HFH”), formerly part of Steward, with 1,400 employees across two campuses.
DEAL SNAPSHOT:
Client Type:
Hospital
Current Employees:
~2,000
Target Employees:
~ 1,400 in two locations
Deal Type:
Asset Purchase
Timeframe:
APA Filed: August 29, 2024
Day-One: October 1, 2024
Goal:
Integrate target employees into established HR and Benefit programs, systems, and vendors.
LARGEST FOR-PROFIT HOSPITAL SYSTEM FILES FOR BANKRUPTCY
On May 6, 2024, Steward Health Care (“Steward”), the largest for-profit health care system in the US, filed for Chapter 11 Bankruptcy. The fallout of this bankruptcy resulted in potentially catastrophic hospital closures across Massachusetts which had several Steward facilities. With the financial support and encouragement of Massachusetts’s Governor Healey, Lawrence General Hospital (“LGH”) with 2,000 employees located in the Merrimack Valley, agreed to purchase and integrate Holy Family Hospital (“HFH”), formerly part of Steward, with 1,400 employees across two campuses.
DEAL SNAPSHOT:
Client Type:
Hospital
Current Employees:
~2,000
Target Employees:
~ 1,400 in two locations
Deal Type:
Asset Purchase
Timeframe:
APA Filed: August 29, 2024
Day-One: October 1, 2024
Goal:
Integrate target employees into established HR and Benefit programs, systems, and vendors.
“The Optimatum team jumped in immediately, delivered a clear strategy, and gave us full confidence we’d meet the deadline without disrupting patient care.”
Douglas Rosner
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About Optimatum:
Optimatum is a vendor management firm that focuses exclusively on the HR supply chain with turnkey solutions that improve the financial, operating performance, transparency and accountability of HR Benefit programs while still maintaining existing vendor relationships.
Our support of the HR workstream during the M&A lifecycle encompasses operational due diligence, day-one readiness and post day-one synergies. We assist sponsors in leveraging the aggregate purchasing power of their portfolio to capture value and drive margin expansion.