Concord (N.H.) Hospital's looming acquisition of LRGHealthcare in Laconia, N.H., has raised concerns about access to orthopedic care in the community, but leaders of the organizations are trying to push the deal through, The Laconia Daily Sun reports.
In a Feb. 23 public hearing, LRGHealthcare President and CEO Kevin Donovan said that the community would be worse off if the deal is not finalized, estimating LRGHealthcare to close "within the next 30 to 60 days ... if the acquisition is not approved."
LRGHealthcare provides most of the primary and secondary care services to the community, among other hospital services, according to Mr. Donovan.
LRGHealthcare, which also operates a hospital in Franklin, N.H., lost $20 million in 2019, before the COVID-19 pandemic worsened its financial standing. It filed for bankruptcy in October, and Concord Hospital agreed to a $30 million purchase price through Chapter 11 proceedings.
Concord Hospital will not assume responsibility for LRGHealthcare's professional services agreements, including Gilford-based Advanced Orthopaedic Specialists, which will dissolve March 31, according to the Sun.
"We need a viable situation moving forward, and anything that would compromise the organizations from a sustainability perspective really needs to be addressed up front," said Robert Steigmeyer, president and CEO of Concord Hospital. "We certainly don't want to repeat bankruptcy just a few years downstream."