Portage Health Entering Joint Venture with LifePoint Hospitals
MARQUETTE, MI – (Great Lakes Radio News) – The Portage Health Board of Directors has signed a letter of intent to form a joint venture with LifePoint Hospitals.
According to a statement released this morning, the proposed partnership will provide Portage Health, based in Hancock, with additional resources to expand the healthcare services provided in its communities and invest further in the growth of the hospital.
The letter of intent is a non-binding agreement that authorizes Portage Health and LifePoint to move forward with pursuing the proposed joint venture. Following due diligence and a negotiation process, which is projected to take 60 to 90 days, the parties would enter into a definitive agreement. The agreement would then be subject to review by the Michigan Attorney General before being finalized.
Portage Health officials say the hospital would share ownership and governance of their system while benefiting from financial resources, clinical and quality programs, and management expertise of one of the leading hospital companies in the nation.
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