MaineHealth acquires Franklin health network
Franklin Community Health Network is joining the MaineHealth system as its 30th member this October after receiving approval from the state this week.
The Maine Department of Health and Human Services on Wednesday approved the certificate of need for MaineHealth's proposed acquisition of the Franklin County-based health care network, which runs the 65-bed Franklin Memorial Hospital in Farmington. Both companies announced the approved acquisition on Thursday.
The Bangor Daily News reported that MaineHealth, which owns and operates Maine Medical Center among other properties, is planning to make a $2.25 million investment into Franklin Community Health Network for adoption of an outpatient electronic medical records system that is used by MaineHealth.
As part of the acquisition, Franklin Community Health Network will pay MaineHealth a $375,000 annual membership fee, which the BDN said would be offset by various savings that are expected as a result of joining the statewide network. The newspaper noted that the Franklin County-based network suffered a $7.6 million operating loss in fiscal year 2013, but with the acquisition, MaineHealth anticipates it will reduce operating costs by about $523,000.
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