BOCA RATON, FL (BocaNewsNow.com) — Is this completely innocuous or a sign of potential financial trouble for Boca Raton Regional Hospital? The hospital today announced it is potentially seeking a “strategic partnership with another healthcare provider.”
Read the following press release and let us know what you think at news (at) bocanewsnow.com:
Officials at Boca Raton Regional Hospital (BRRH) today announced that it has embarked on a process to explore the possibility of establishing a strategic partnership with another healthcare provider — one that will accelerate and elevate the Hospital’s position as a preeminent academic regional referral medical center.
Boca Raton Regional Hospital finds itself in a most enviable position and poised to take the next step in its development. “A remarkable renaissance has taken place at the Hospital over the last seven years,” said Christine E. Lynn, BRRH’s Board Chair. “By any metric, we have evolved into one of the outstanding healthcare providers in the state of Florida. Yet, there is another level to which we aspire and a partnership with a provider who shares in our mission, culture and goals will accelerate our ability to reach our full potential.”
Jerry Fedele, BRRH’s President and CEO, cited a host of advances and achievements as evidence of BRRH’s transformation from a capable community hospital into a leading academic tertiary medical center. Included were: designation as a “Top Ranked Regional Hospital” by U.S. News & World Report (the highest ranked hospital in Palm Beach County), the most “Top Doctors” in Palm Beach County as recognized by Castle Connelly, and creation of cutting-edge programs and facilities such as the Eugene M. & Christine E. Lynn Cancer Institute, the Marcus Neuroscience Institute, the Christine E. Lynn Women’s Health & Wellness Institute, the Wold Family Center for Emergency Medicine, the Gloria Drummond Physical Rehabilitation Institute and the Irving & Barbara C. Gutin Center for Robotic Surgery.
Fedele also referenced the Hospital’s growing reputation for being the first in the region to acquire and implement state-of-the-art technology in such areas as radiation oncology, breast health and cardiovascular disease, as well as having a medical staff that includes physicians with national and international reputations as key components to its success. The Hospital has also seen strong financial performance and record-setting levels of philanthropic support in recent years.
Despite these achievements, Mrs. Lynn noted, “Every hospital or health system in this nation is constantly seeking ways to enhance its capabilities in patient care, strengthen its finances and secure its position in its respective service area. We are no different and believe our intent to explore a strategic partnership is a prudent and positive development for the Hospital and the communities we serve.”
Commenting further, Mrs. Lynn addressed the fiduciary imperative that serves as a catalyst for the initiative. “Accepting the status quo is not acceptable in any successful organization. Our Board and senior leadership have a profound responsibility to be vigilant in assessing opportunities that can make us stronger than we are today.”
According to Fedele, forming a strategic partnership for the Hospital will be beneficial on a number of fronts including: enhancing Boca Raton Regional Hospital’s ability to develop nationally recognized clinical programs, establishing market essentiality, mitigating the challenges of a stand-alone organization in a complex and evolving healthcare industry and having greater access to capital.
A steering committee has been formed that includes Boca Raton Regional Hospital Board Members, community and medical staff leaders and volunteers to explore the initiative. Dick Schmidt, former BRRH Board Chair and noted civic leader and philanthropist, is serving on behalf of the community to chair the steering committee.
“I think it is significant that we set out on this endeavor as we celebrate the 50th anniversary of Boca Raton Regional Hospital,” Mr. Schmidt said. “We are proactively seeking to secure the Hospital’s future to serve our community better from a position of strength. If we achieve what we believe we can in a partnership, we will have positioned the Hospital for even greater success in the decades to come