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Lodi Health announced today that its Board of Directors has voted unanimously for the health care system to enter into a letter of intent to affiliate with Adventist Health.
"We are excited about partnering with Adventist Health to maintain high quality, community-focused health care," said Steven Crabtree, Lodi Health's Board Chair. "Adventist Health's mission-driven culture and values are very similar to ours and truly resonated with board, physicians and staff members. Adventist Health brings the financial and operational resources that will help ensure a strong local hospital for Lodi into the future."
Through the affiliation, Adventist Health will bring to Lodi Health a significant capital commitment, the deployment of a state-of-the-art electronic medical records system, the maintenance of existing clinical services, and the creation of a local advisory board to ensure local input into key decisions.
"We are very happy about Lodi Health’s decision to join our health care system,” said Scott Reiner, President & CEO of Adventist Health. “Lodi is the kind of community that Adventist Health is called to serve, and Lodi Health is the type of organization that fits perfectly into our community-oriented vision for the future. The system strengths that Adventist Health will bring to Lodi and our commitment to preserve the important relationship between the hospital and the community will make this a great partnership for all of Lodi Health's stakeholders."
Adventist Health is a faith-based, not-for-profit integrated health care system serving communities in California, Hawaii, Oregon and Washington. The health system provides compassionate care in 19 hospitals, more than 230 clinics (hospital-based, rural health and physician clinics), 14 home care agencies, seven hospice agencies and four joint-venture retirement centers.
Lodi Health is a private, not for profit, 62-year community-based organization that was built by community members for community members. Lodi Health’s hospital is licensed for 191 beds. Lodi Health also operates 15 medical practices, several outpatient services and centers, an adult day care center, and a child care center.
The two parties will work together over the coming months to negotiate a definitive agreement. The transaction is likely to close in the first quarter of 2015 pending a vote of The Lodi Memorial Hospital Association, Inc.’s membership and the customary regulatory review process.
Cain Brothers has served as financial advisor to Lodi Health, while Juniper Advisory has assisted Adventist Health.