Hospital merger would reshape services in central NH

  • Lakes Region General Hospital is located in Laconia.

  • A painted sign on the side lawn of the Concord Hospital saying 'CH Strong' on Wednesday, April 8, 2020. GEOFF FORESTER

  • The entrance and exterior of the new Orthopaedic Surgery Center attached to Concord Hospital. GEOFF FORESTER

  • Matthew Johnson of Concord Orthopedics at the Orthopaedic Surgery Center attached to Concord Hospital. GEOFF FORESTER

  • Nurse Cami McGranaghan in operating room one at the Orthopaedic Surgery Center attached to Concord Hospital. Monitor file photos

  • Concord Hospital medical personnel wave to passing emergency vehicles in front of the hospital on Friday afternoon, April 10, 2020.

  • This Sunday, April 26, 2020, photo released by the Laconia Police Department on its Facebook page shows squad cars arranged in the shape of a heart in the parking lot of Lakes Region General Hospital in Laconia, N.H. The department created the display to show support and appreciation for the hospital's healthcare workers and staff the during the coronavirus pandemic. (Laconia Police Department via AP)

  • Franklin Regional Hospital is part of LRGHealthcare.

Monitor staff
Published: 4/29/2021 5:07:14 PM

Earlier this month, the NH Attorney’s General Office approved Concord Hospital’s $30 million bid to purchase Lakes Region General Healthcare, one of the final hurdles the hospital has had to overcome to solidify the acquisition.

The two years process to purchase LRGH has been rife will complications – from competing bidders to bankruptcy. Now that the process is all but finished, here a breakdown of some of the most important facts about the purchase.

Timeline

Feb. 14, 2018: Lakes Region General Hospital announced it would close its birthing center as part of a cost-cutting plan that included 16 layoffs.

April 11, 2019: President Kevin Donovan said LRGHealthcare is still losing $1 million a month.

Oct. 19, 2020: LRGHealthcare filed for bankruptcy

Dec. 23, 2020: US Bankruptcy Court approved Concord Hospital’s acquisition of Lakes Region General Hospital.

April 3, 2020: LRGH announced they would furlough about 600 people.

February 2021: Concord Hospital said it would not open the labor and delivery unit at Lakes Region General Hospital.

Feb. 17, 2021: Gilford orthopedics clinic says it would close after 50 years because its contract with Lakes Region General Hospital isn’t being renewed as part of the takeover by Concord Hospital, one of the first visible changes spurred by the financial collapse of LRGHealthcare.

April 20, 2021: NH Attorney’s General Office approved Concord Hospital’s bid to purchase LRGH.

By the numbers

$30 million

Concord Hospital’s bid for the hospitals and accompanying ambulatory services.

$128 million

The amount of debt LRGH reported having before filing for bankruptcy

2 years

The amount of time LRGH searched for a financial partner

$1 million a month

The approximate amount of money LRGH was losing.

1,070

The number of employment offers have been extended to LRGHealthcare employees to work at Concord Hospital locations, which makes up the vast majority of LRGH staff.

1,412

The number of hospital mergers nationally, many of which combined close competitors, according to the American Hospital Association.

5

The number of non-binding indications of interest into LRGH in 2018

6-18%

The percent by which hospital mergers increase the average price of hospital services, according to a report for the National Council on Compensation Insurance. Concord Hospital has pledged to keep costs the same.




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