The affiliation with Tufts Medical Center enhances Lowell General Hospital’s compelling value proposition to its community. With the formation of Wellforce, the organization continues a well-established trend of innovation and adaptation...
Chicago, IL (PRWEB) December 22, 2014
Ziegler, a specialty investment bank, is pleased to announce the successful closing of Lowell General Hospital’s affiliation with well-regarded Tufts Medical Center.
Lowell General Hospital (LGH), a Ziegler client since 2011, maintains two hospital campuses and 383 beds in Lowell, MA, 35 miles northwest of Boston. LGH is the leading provider of community based hospital services capturing nearly 60% of admissions in its primary service area. Tufts Medical Center (TMC), located in downtown Boston, is an academic medical center that maintains 415 beds and a wide breadth of tertiary and quaternary services. The affiliation brings together two hospitals which are already recognized as some of the most efficient, high-quality, lower-cost providers in the state. The new affiliation will be called Wellforce.
Under the affiliation agreement, Wellforce will be led by Normand Deschene, CEO of Lowell General Hospital and CEO and president of Circle Health (an integrated health delivery system in Greater Lowell). Ellen Zane, Vice Chair of the Tufts Medical Center Board of Trustees, will serve as chair of the Wellforce board. LGH and TMC will be equally represented on the Wellforce board. TMC and LGH and any future members of Wellforce will continue to operate with a high degree of autonomy and be governed by separate boards of trustees and chief executive officers.
The formation of Wellforce was praised by the state’s Health Policy Commission as an affiliation that has the potential to lower the state’s costs while other announced proposed affiliations have received significant and well publicized scrutiny due to concerns around the potential for increased costs. “Wellforce is aligned with the revolution occurring in health care,” said Wellforce CEO Normand Deschene. “The ACA and trends in health care costs in the United States demand a new vision for care delivery. With Wellforce we are well positioned to lead on quality, wellness and affordability.”
Ziegler advised LGH on the affiliation agreement and the formation of Wellforce.
“The affiliation with Tufts Medical Center enhances Lowell General Hospital’s compelling value proposition to its community. With the formation of Wellforce, the organization continues a well-established trend of innovation and adaptation that may emerge as a strategic model for community based systems across the country who are faced with the disruptive and transformative forces that are occurring in the healthcare sector,” stated Mike Quinn, Managing Director in Ziegler’s healthcare finance practice.
Ziegler is a premier investment bank to community and regional healthcare providers. For over 80 years, we have been assisting these organizations with creative, tailored financial solutions for their capital needs. Specializing in healthcare, Ziegler offers an array of services including investment banking, financial risk management, merger and acquisition services, as well as capital and strategic planning.
For more information about Ziegler, please visit us at http://www.Ziegler.com.
The Ziegler Companies, Inc., together with its affiliates (Ziegler), is a privately held, specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion, and education, as well as general municipal and structured finance. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler provides its clients with capital raising, corporate finance, FHA/HUD, strategic advisory services and research. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.
Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client’s experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.
# # #