BOCA RATON, FL (BocaNewsNow.com) (Source: Boca Raton Regional Hospital) — Baptist Health South Florida and Boca Raton Regional Hospital today announced that they have reached an agreement on a formal Letter of Intent regarding a strategic partnership between the respective organizations. This development marks an important step forward in structuring an agreement that would finalize the affiliation.
“We are most pleased to have achieved this milestone in our discussions with such a prestigious and high- quality healthcare organization,” said Jerry Fedele, President and CEO of Boca Raton Regional Hospital.“It is an exciting development for our Hospital and our community and reflects the hard work andthoughtful interactions of our Ad Hoc Partnership Steering Committee, our Board and Baptist Healthleadership.”
Baptist Health is the largest not-for-profit healthcare organization in the region with 10 hospitals and more than 100 physician and outpatient locations from Palm Beach County to the Florida Keys.
“Like Baptist Health, Boca Raton Regional Hospital is a top-ranked organization with a not-for-profit mission and commitment to providing high-quality compassionate care. We are confident that the synergies between our organizations will allow us to better serve our communities and increase access to affordable, high quality care for our patients,” said Brian E. Keeley, President and CEO of Baptist Health.
A Letter of Intent essentially serves as an “agreement to agree” between two parties, clarifies key pointsin the relationship and is considered as an announcement that the two entities are moving forward in
reaching a Definitive Agreement. It is expected that a Definitive Agreement between Boca Raton Regional Hospital and Baptist Health will be executed by early 2019 and the affiliation is expected to be finalized by summer.
Boca Raton Regional Hospital first announced its intent to seek a strategic partner in 2017. Given the growing demand for its services, along with the Hospital’s programmatic and facility expansion and financial performance, it was thought to be an opportune time to seek a partner that would help it sustain and build upon its commitment to accessible, affordable and high-quality care delivery throughout the region. “Our goal was to use our success in recent years to attract other providers and establish apartnership that would enhance our capabilities and mitigate the challenges of a stand-alone hospital in acomplex and evolving healthcare industry,” said Fedele.
After issuing a Request for Proposal and receiving responses from some of the nation’s foremosthealthcare systems, Boca Regional narrowed its list of suitors to five in the spring of 2018 and then selected Baptist Heath South Florida for further discussions.
“We have now advanced closer to a most important evolution for our Hospital, one that will accelerate and elevate our position as a preeminent academic regional referral medical center,” said Christine E.Lynn, Boca Raton Regional Hospital Board Chair. “It will serve to secure both our goals and objectivesand those of Baptist Health South Florida.”