Drinker Biddle’s Health Care team assisted with the first-of-its-kind whole hospital joint venture in the state of Wisconsin, through which its client, Watertown Regional Medical Center (WRMC), will share ownership and operation of the hospital with LifePoint Health, a leading healthcare company that owns and operates community hospitals, regional health systems, physician practices, outpatient centers, and post-acute facilities in 20 states. The deal, which closed on September 1, 2015, will preserve and enhance the community’s access to high-quality health and wellness services, a key focus and strength of WRMC. As part of LifePoint, WRMC will become a tax-paying organization, providing a new source of tax revenue to benefit the community.
Over a three-year period, a multi-faceted team of Drinker Biddle lawyers, led by partner Keith Anderson, advised WRMC through several strategic affiliation options, and guided WRMC though a statutorily mandated process requiring approval by the Wisconsin Attorney General, Commissioner of Insurance, and Department of Health Services. This transaction involved the first non-profit/for-profit hospital conversion in the State of Wisconsin.
More information about the joint venture can found in the press release from LifePoint Health and Watertown Regional Medical Center.