Here’s a mid-summer 2018 update on Boca Raton Regional Hospital’s search for a partner. The Boca Raton Regional Hospital Board took the bold step acting from a position of strength to seek a larger health system partner that would mitigate the challenges of a stand-alone hospital in a complex and evolving health care industry. After substantial work to identify partner candidates, solicit and receive a dozen attractive proposals from some of the best health systems in the country, , and review each of the proposals in great detail including extensive discussions and entertaining site visits by several of the partners at our Boca Regional facilities, our board has narrowed the list of potential partners to Baptist Health of South Florida and the Cleveland Clinic.
Baptist Health of South Florida and the Cleveland Clinic would each make great partners. At the same time, they are quite different organizations and present different challenges and opportunities for Boca Raton Regional Hospital. We are privileged to have two outstanding organizations interested in partnering with Boca Raton Regional Hospital.
Over the next two months the Boca Raton Regional Hospital Board through a designated ad hoc Committee chaired by community leader Dick Schmidt and charged by the Board with making a recommendation in this matter will be conducting detailed due diligence on each of these partner candidates. At the same time, the two partner candidates will be taking a closer look at Boca Regional so they understand all of our strengths and challenges and can hit the ground running when we make a selection of the successful partner. We have already made site visits to the Cleveland Clinic’s Ohio and Florida hospitals as well as visiting several of the Baptist Health of South Florida hospitals. We are currently in the process of mutual documentary due diligence and well as negotiation of a detailed letter of intent with each of the finalist partner candidates for execution in the event they are selected as the successful partner.
At this time, I anticipate that our Board will select the successful partner for Boca Raton Regional Hospital in the next two months whereupon we will execute the detailed letter of intent with our selected partner and begin the process of completing final legal documents, regulatory approvals, and closing. I anticipate a closing with our selected partner by the end of the calendar year.
The Boca Raton Regional Hospital Board has pledged transparency through an open partnership search process from the start. Over the next several months, we will convene the Community Advisory Committee as things evolve and will host an open community meeting before a closing regarding this matter.
I applaud the Boca Raton Regional Hospital Board of Directors and Christine Lynn, Board Chair for their proactive step from a position of strength that will result in rebuilding our aged inpatient hospital facility, prepare us for evolving and difficult health care challenges, and most importantly continue to position Boca Raton Regional Hospital as the preeminent academic regional referral medical center in south Florida for decades to come. All of this is in fulfillment of our mission to serve our community with outstanding health care and patient satisfaction that is among the best in the country.
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