MMC closes on acquisition of Saint Joseph's rehab facility
Photo / Tim Greenway
Richard Petersen, president and CEO of Maine Medical Center in Portland, sees benefits from the hospital's acquisition of Saint Joseph's Rehabilitation and Residence from the Roman Catholic Diocese in Portland, including greater financial stability to the facility formerly owned by the Roman Catholic Diocese of Portland.
Maine Medical Center completed its acquisition of Saint Joseph’s Rehabilitation and Residence in Portland, a transaction with the Roman Catholic Diocese of Portland that the hospital says should bring additional expertise and greater financial stability to an important community health care resource.
Terms of the acquisition were not disclosed.
Saint Joseph’s Rehabilitation and Residence is a 121-bed facility on Washington Avenue. In May the diocese and MMC announced an agreement to transfer control of the facility to the hospital, pending due diligence and state approval. Those steps have been completed and the transaction closed on Friday.
When the proposed acquisition was announced, diocese officials said they chose MMC because it was an organization with a strong local tradition that could bring scale and clinical expertise to Saint Joseph’s. The hospital, meanwhile, said stabilizing a critical community resource for the elderly and those who need long-term care was consistent with its mission and values.
“We see an opportunity to leverage our clinical and operational expertise in a way that will optimize the care provided to Saint Joseph’s residents,” Richard Petersen, president and CEO of MMC, said in a news release.
MMC plans to make some initial investments in the facility, including new patient beds and a new call system. It also plans to leverage its staff of doctors and other experts to enhance the care provided to Saint Joseph’s residents. And, with staffing being an ongoing challenge across the long-term-care industry, MMC will emphasize recruitment of permanent nursing staff for the facility.
At the same time, Petersen said, the goal is to not disrupt the routines of the residents. Peggy Farrington, the CEO of Saint Joseph’s, will be staying on.
Saint Joseph’s also will continue to operate as a free-standing organization with its own board of directors and will be a wholly controlled subsidiary of MMC.
“Having the resources and expertise of Maine Medical Center available to us should help us provide even better care for our residents,” said Farrington. “But this will still be the same place that our residents have come to know and depend upon for their care.”
Recognized as a “best regional hospital” by U.S. News and World Report for 2017-2018, MMC is the state’s largest medical center, licensed for 637 beds and employing nearly 7,500 people.
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