Frequently Asked Questions
What is Concord Hospital acquiring?
Concord Hospital filed a bid to acquire the assets of Lakes Region General Hospital, Franklin Regional Hospital and the Hospitals’ ambulatory sites in connection with LRGHealthcare’s filing for bankruptcy with the United States Bankruptcy Court. If the court accepts Concord Hospital’s bid and the NH Attorney General, Department of Health and Human Services and other required regulators approve, Concord Hospital will acquire these assets and begin a slow and steady process of bringing together all three hospitals under the same healthcare system and management.
Will Franklin Regional Hospital or Lakes Region General Hospital be closed?
No. During the bankruptcy process, these hospitals will continue to operate. Following an acquisition, Concord Hospital is committed to operating a community hospital in Laconia and a critical access hospital in Franklin, so there are no immediate plans to close either hospital. Each hospital continues to operate under separate licenses, permits, etc… It will take time to best understand what is needed from a community health perspective for the region in the future.
Will staff lose jobs? Will management change?
There are no planned layoffs at this time. Senior managers have committed to seeing the bankruptcy process through, so no replacements are planned for the immediate future. Over time, reviews will be completed to determine if efficiencies can be found. With existing turnover rates at LRGH and opportunities at Concord Hospital, we are hopeful that jobs will not be lost. After the bankruptcy sale takes place, appropriate management for the Lakes Region hospitals will be evaluated and we anticipate that the management structure will evolve to reflect that of a strong regional health system.
How long will this process take?
The process just began on October 19, 2020 with the bankruptcy filing when LRGHealthcare filed for protection from its creditors. At the same time, Concord Hospital offered to purchase the hospital assets of Lakes Region General Hospital, Franklin Regional Hospital as well as the assets of their ambulatory sites. The court will review the bankruptcy filing and Concord Hospital’s bid for assets. The court will hold a series of hearings, including an auction proceeding. Concord Hospital is hopeful that it will be the successful bidder. It will likely issue a decision on Concord Hospital’s bid within 90 days or so after the filing. New Hampshire’s Attorney General and others regulators will also be reviewing Concord Hospital’s offer to purchase these assets. There is no definitive timeline for a decision from the AG’s office or the other regulators, including the Department of Health and Human Services and other state and federal regulators. Once all of the approvals have been received, the transactions will be permitted to close. While difficult to predict, the parties are hopeful that a closing could occur within six months.
Will physician practices close or change?
No changes will be made due to LRGHealthcare’s bankruptcy filing with respect to Concord Hospital Medical Group (CHMG). CHMG is a provider group where physicians and advance practice providers are employed by Concord Hospital and provide clinical care to patients served by the Concord Hospital system. LRGHealthcare also employs providers. When the transaction closes, CHMG may offer employment to current LRGH physicians and advance practice professionals and would plan to continue to provide and grow physician practices in the Lake’s Region.
Will services be changed in communities?
Upon the closing of the transaction, Concord Hospital does not anticipate any changes to care access and services at either Lakes Region General Hospital or Franklin Regional Hospital. Upon acquisition of the hospitals, immediate needs will be assessed in order to provide optimal patient care. This may alter operations. As time goes on, leadership staff at all three hospitals will collaborate to create systems and services to support community health needs in the most effective manner.
Will the hospitals remain non-profit?
Concord Hospital and LRGHealthcare’s hospitals are not-for-profit, charitable organizations. Upon closing the transaction, the assets of the two Lakes Region hospitals will be acquired by two newly created not-for-profit, charitable New Hampshire organizations as subsidiaries of Concord Hospital.
Will the Lakes Region be represented in the new governance model?
Representation from the Lakes Region community will be a part of Concord's governance structure.
Does this mean other acquisitions or mergers down the road?
Concord Hospital does not have any current plans for acquisitions or mergers with hospitals or health systems at this time. However, in the interest of furthering the sustainability of health care in the region, we are interested in working with area providers and if an opportunity presents itself, Concord Hospital will consider whether an acquisition or merger is consistent with its mission, strategic plan, community need and improved access to care.
How can you guarantee quality care will exist in both the Capital and Lakes Regions?
LRGHealthcare and Concord Hospital have provided quality care in their communities for decades. Both organizations have built strong reputations with their patients and their communities. Our goal is to create a sustainable community health system that ensures excellent, locally available care in the Capital and Lakes Region communities. Concord Hospital's intent is to build upon that care and our commitment to good health for the community.
How are we assured that acquiring a bankrupt health system won’t tax or overwhelm the financial stability of Concord Hospital?
For many years, Concord Hospital and LRGHealthcare supported and served patients in the Lakes Region, resulting in numerous collaborations and referral relationships. Concord Hospital has conducted extensive assessments as part of its due diligence in order to be certain that both organizations can be financially sustained if Concord Hospital were to acquire the hospital assets of LRGHealthcare. The most important aspect of bringing these hospitals together is the opportunity to build a sustainable community health system that serves patients in the Capital and Lakes regions. The offer to purchase these assets has been filed with the court. It will be reviewed by the court and by the NH Attorney General’s office, among other regulatory bodies.