FOR IMMEDIATE RELEASE
Billings Clinic and RegionalCare Hospital Partners Form Joint Venture
Billings, MT — May 14, 2013 — Billings Clinic (Montana) and RegionalCare Hospital Partners, a national hospital system, are announcing a new joint venture that draws on the clinical excellence, operational expertise and financial resources of both organizations. The new relationship will provide multiple options for health care organizations in the northern Rockies region to become affiliated with the newly formed entity – Billings Clinic RegionalCare LLC.
This new relationship does not affect the governance or ownership of Billings Clinic or any of its current affiliate relationships across Montana and northern Wyoming.
The new arrangement offers potential partners expanded clinical services; access to physician integration, support, and recruitment; clinical protocols; and quality improvement systems. Additionally, the new entity offers operational expertise and access to the capital needed for such growth strategies, including technology and facility expansion and renovation.
“Billings Clinic has a long-standing commitment to partnering with local communities to enhance access to quality health care. To build on this commitment, we have formed this relationship with RegionalCare in large part because of our shared values,” said Nicholas Wolter, M.D., CEO of Billings Clinic. “This creates an additional opportunity for other organizations and communities that have an interest in exploring a relationship with Billings Clinic,” Wolter added.
Wolter and RegionalCare Executive Chairman Martin Rash noted that the joint venture fits with a national trend of excellent health systems like Billings Clinic working with national health care companies like RegionalCare to combine their expertise and capital.
“RegionalCare brings extensive management experience, along with physician recruitment strategies and access to capital at a time when many communities are in need of such assistance,” Wolter said.
“The ever-changing health care environment requires new and innovative approaches and alliances. Working together, Billings Clinic and RegionalCare can provide a path forward for organizations seeking collaborative solutions to the health care challenges of today and tomorrow,” Rash said.
Billings Clinic is a growing organization with a reputation for excellence that currently has partnerships with nine other hospitals and multiple branch and outreach clinics serving patients in Montana, Wyoming and the western Dakotas. RegionalCare Hospital Partners is a system of full-service community hospitals in non-urban markets across the country, each governed by a board of local community leaders and physicians.
About Billings Clinic
Based in Billings, Montana, Billings Clinic is a not-for-profit, community-governed and physician-led health care organization, consisting of a multi-specialty physician group practice, a 285-bed tertiary care hospital, and a 90-bed skilled nursing and assisted living facility. Billings Clinic is the largest integrated health care system in Montana and is the only Montana MAGNET designated health care organization in Montana and Wyoming. Billings Clinic is a member of the Mayo Clinic Care Network and manages nine critical access hospitals serving patients in Montana, Wyoming and the western Dakotas. Billings Clinic’s vision is to be a national leader in providing the best clinical quality, patient safety, service and value. More information can be found at www.billingsclinic.com.
About RegionalCare Hospital Partners
RegionalCare Hospital Partners is a growing system of community hospitals focused on a commitment to high-quality care and expanding health care services in non-urban markets. Today, RegionalCare is partnered with eight market-leading community hospitals in seven states – Florence, Alabama; Muscle Shoals, Alabama; Ottumwa, Iowa; Wilmington, Ohio; Sharon, Connecticut; Waynesburg, Pennsylvania; Paris, Texas and Sierra Vista, Arizona. The goal for each organization is to advance the hospital’s strategic vision, enhance its regional influence and reputation, and meet the needs of the community and physicians. RegionalCare is backed financially by the global private equity firm Warburg Pincus as well as other sources. More information can be found at www.regionalcare.net.