In late March we formally opened the new Clark Regional Medical Center in Winchester, Kentucky. We’re very excited about Clark’s prospects and we’re confident that it will allow us to grow in that marketplace. In July we’ll open the new mobile office building on the Clark campus, allowing key members of our medical staff to relocate to the new facility.
After just over a year the Duke LifePoint component of our acquisition strategy has been very successful with four acquisitions completed totaling approximately $200 million in revenue. On April 3 Duke LifePoint finalized a joint venture with Twin County Regional Healthcare, the third hospital to join the partnership and the first Virginia hospital in the network. Duke LifePoint is pleased to partner with Twin County, which complements LifePoint’s existing network in the Southern Virginia area and adds to our presence in this state.
In early March Duke LifePoint signed a memorandum of understanding with Marquette General Health System. Marquette is a tertiary care provider serving 300,000 residents in the Upper Peninsula of Michigan and has leading programs in cardiology and oncology. This will be Duke LifePoint’s largest acquisition to date and the first to be considered outside of North Carolina and Virginia. We’ll continue to move forward with due diligence and anticipate that this acquisition will close in 2012.
Duke LifePoint has great potential and the response it has received proves its scope extends beyond our initially targeted region. As you know, providing patients with quality care in the right setting is one of our top priorities at LifePoint. In this quarter we began our hospital engagement network contract with CMS. This is yet another way LifePoint has been able to differentiate itself as a provider of quality healthcare and as a preferred partner to other community hospitals. Through this engagement LifePoint is working with our physicians to customize best practices and to improve patient safety and clinical outcomes. We’re committed to equipping our hospitals and hospital support center leaders with the tools and training they need to execute our strategic plan and drive meaningful quality improvements.Read the rest of this transcript for free on seekingalpha.com
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