EXETER — Exeter Health Resources has signed a definitive agreement to enroll in Beth Israel Lahey Health in Massachusetts.
“The opportunity for Exeter to enroll in BILH is a vital and culpable step in ensuring our long-term sustainability while promoting physical care locally here in New Hampshire,” said Kevin Callahan, president and chief executive officer of Exeter Health Resources, Inc. “I am confident that our proposed date would result in increased access to fitness services, increased patient selection, and significant advancement in affordable and sustainable fitness care for all of New Hampshire. “
The signing of the final agreement last week, which outlines the situations in which Exeter would sign up for BILH, builds on the letter of intent signed in March. The proposed transaction will now go through a state and federal regulatory review, which is expected to take several months.
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Under the proposed terms of membership, Beth Israel Lahey Health would be the sole corporate member of Exeter Health Resources, which includes Exeter Hospital, Basic Physicians and Rockingham Visiting Nurse Association.
Exeter Health Resources’ design will remain the same and remain a non-profit organisation. The Local Council will continue to oversee ongoing operations, reviewing and recommending strategic plans and operating and capital budgets as an investment for philanthropy and network benefits.
As a component of the agreement, Beth Israel Lahey Health will expand access to clinical facilities at Exeter Health Resources, making a total investment of $375 million over 10 years.
Exeter Health Resources will have a representative on the Board of Directors of Beth Israel Lahey Health for six years.
Like Exeter, Beth Israel Lahey Health is a non-profit organization. It is comprised of thirteen hospitals, 25 giant outpatient services with 35,000 workers and operating revenues of $6200 million.
Callahan said the partnership will allow Exeter Health Resources to be “profitable” and offer “more price where every dollar is spent on healthcare. “
Kevin Tabb, president and chief executive of Beth Israel Lahey Health, said in May that he believed Exeter Health Resources and Beth Israel Lahey Health would be “transformative. “
The proposed transaction includes the expansion and provision in New Hampshire of a full ongoing set of clinical services in addition to mental health care.
“Exeter has been an integral component of the New Hampshire network for more than 125 years and, combined, we can build on this legacy of service and excellence for many years,” Tabb said.
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The next step in making the proposed partnership a reality is to offload regulatory approval from the state and federal government. It will need to be approved through the New Hampshire Attorney General’s Office, the Office of Charitable Trusts, the State of Massachusetts and Federal Commerce. Commission.
Callahan said Beth Israel Lahey Health has “extensive experience” in obtaining regulatory approvals, highlighting its 2019 merger between Beth Israel Deaconess and Lahey Health.
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The new partnership comes just over a year after Exeter Hospital’s merger with Massachusetts General Hospital (MGH) and its parent company, Mass General Brigham, officially failed after New Hampshire’s attorney general announced his opposition to the merger in 2019 due to antitrust concerns.
The merger under Mass General Brigham would have put the non-profit Exeter hospital under the same control as Goworth-Douglass Hospital near Dover, which it acquired through MGH in 2017.
Officials are confident they will face the same regulatory hurdles they encountered with MGH.