Southbury, CT - On Thursday, April 19, The Watermark at East Hill will host a free lecture on the proposed joint venture between Waterbury Hospital, Saint Mary’s Hospital and LHP Hospital Group, presented by Darlene Stromstad, President and CEO of Waterbury Hospital and Chad Wable, CEO of Saint Mary’s Hospital. The lecture will take place from 2:00 to 3:00 p.m. in the auditorium at the retirement community located at 611 East Hill Road in Southbury.
The joint venture includes a commitment to invest approximately $400 million to construct a new, state-of-the-art medical center that will replace both Waterbury Hospital and Saint Mary’s Hospital. The combined revenues of the transaction will be over $520 million, making it one of the larger hospitals in Connecticut. LHP will own 80% interest in the joint venture, with Waterbury Hospital and Saint Mary’s Hospital each owning a 10% interest; the governance of the new hospital will be shared among all parties.
“The completion of this venture will transform the healthcare landscape in the Greater Waterbury region, ensuring a higher quality of patient care for many years to come,” The Watermark at East Hill Executive Director Michelle Bettigole said. “We are grateful to have Darlene come and explain the ins and outs of the proposed venture with our residents and guests of the community, as well as answer any questions they might have.”
LHP Hospital Group, Inc. is a privately held company based out of Plano, Texas that was established to provide essential capital and expertise to not-for-profit hospitals and health systems. In cooperation with local hospitals, LHP forms joint ventures to operate and manage acute care facilities in small cities and select urban markets throughout the United States.
“Working with LHP and Saint Mary’s, our vision is to create a healthcare facility that we think will address the future needs of the region,” said Stromstad. “While there is still a lot of work to be done operationally, legally, and through the regulatory process, our goal is to keep residents of the community and patients of both Waterbury Hospital and Saint Mary’s Hospital updated and informed, and also be available to address any questions or concerns they might have throughout the process.”
For more information on the upcoming lecture or to RSVP, please call The Watermark at East Hill at 203-262-6868.