Bradford Regional Medical Center and Olean General Hospital Announce Plans to Integrate the Two Organizations Under a New Parent Company
Posted on: 10/31/2008
The boards of directors of Bradford Regional Medical Center (BRMC) and Olean General Hospital (OGH) have signed a non-binding letter of intent to integrate the two not-for-profit organizations under a new parent company. This action is a major, first step toward creating a strong, vibrant regional healthcare system to serve Northwestern Pennsylvania and Southwestern New York State.
The decision to pursue this integration was approved by the boards of directors of both hospitals based on a recommendation from a steering committee that includes the CEOs/presidents, board members and physicians from both hospitals.
Final agreement and approval of the integration, including completion of all regulatory reviews, will take about 12 months. For the most part, it will be business as usual at both hospitals during that time frame.
George E. Leonhardt will continue to serve as president and CEO of Bradford Regional Medical Center and Timothy J. Finan will remain president and CEO of Olean General Hospital. It is the expressed intent of both hospitals’ boards of directors that Timothy Finan be appointed president and CEO of the parent company.
According to Finan, both hospitals will continue to build on their long histories of delivering patient-centered care to their respective communities. "Our commitment to quality care is demonstrated daily on an inpatient, outpatient and emergency basis in Olean and Bradford," Finan said. "As part of an integrated, regional health system with increased resources, we’ll be able to provide patients with access to even greater care."
Both hospitals will retain separate boards of directors to oversee organizational licensing requirements and provide quality oversight, physician credentialing, strategic planning, and recommendations regarding annual operating and capital budgets.
The two hospitals will also continue to maintain separate and independent, not-for-profit foundations governed by their respective boards to oversee fundraising efforts and support each organization’s mission. Donors can continue to make gifts to a specific hospital, department or program through the foundations, as they have in the past.
The integration will be achieved through the work of a parent company – an umbrella organization – that will oversee governance and management of the system with the goal of moving the two hospitals as close to operating as a single entity as possible.
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