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Care New England Signs Agreement With Partners Healthcare for Potential Merger

Wednesday, April 19, 2017

 

Women & Infants

Financially troubled Care New England has signed an agreement with Massachusetts-based Partners Healthcare to explore a potential merger. 

Founded in 1994 by Brigham and Women's Hospital and Massachusetts General Hospital, Partners HealthCare is a massive collection of services including community and specialty hospitals, a managed care organization, a physician network, community health centers, home care and other health-related entities. 

Partners generated nearly $12 billion in revenue in 2014 - it dwarfs all of the healthcare groups in Rhode Island combined, as Lifespan, RI’s largest healthcare group generates approximately $2 billion a year.

Care New England Implications

For Care New England — which owns Kent Hospital, Women & Infants, Memorial Hospital and Butler Hospital, the merger could not happen soon enough.

Memorial Hospital has been losing millions and Care New England lost more than $53 million last year. Previously, Care New England was working towards a merger with South Coast Hospital group, but that unraveled due to Care New England’s weak financial conditions.

Partners Healthcare's New HQ

In October of 2016, the two groups jointly announced the merger was dead, "Care New England and Southcoast share a vision of creating a healthier community through community-based care," said Charles Reppucci, Chair of the Care New England Board of Directors. "We believe both organizations will continue in their unrelenting pursuit of this goal. Yet, for Care New England, we now believe the full extent of our mission as teaching, research and clinical organizations will be better served through today's decision.  We wish all of our colleagues at Southcoast continued success in their commitment to excellence and to community."

According to sources close to the situation, Care New England’s financial condition and the group is losing as much as $5 to $7 million per month.

Rich Copp, Vice President of Communications at Partners referred GoLocal's call to Jim Beardsworth at Care New England.

 

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