The Letter of Intent provides for a period of time in which the two healthcare systems will conduct exclusive discussions to reach a final agreement on the terms of the joint operations, according to the release. The JOC would be co-sponsored by PHC and SJHS, and a Board populated with trustees from both SJHS and Piedmont Healthcare would lead all decision-making involving the JOC.
“Saint Joseph’s believes that this is an opportunity to leverage our reputation as a leader in clinical excellence and will allow us to expand our mission as a faith-based health system,” J. Stephen Eaton, chairman of SJHS’s Board of Trustees, said in the release. “We highly regard the accomplishments and healthcare expertise of Piedmont Healthcare and believe a partnership with them will better serve our patients and expand access to quality healthcare services.”
“A joint operating company between Piedmont Healthcare and Saint Joseph’s would be a unique partnership between two of the most respected and longest-serving healthcare providers in Georgia,” R. Timothy Stack, president and CEO of PHC, said in the release.
The due diligence period under the Letter of Intent is expected to take around 90 days. Once a definitive agreement is reached, SJHS and PHC will pursue final approval from their respective governing bodies, the Sisters of Mercy and Catholic Health East, the Archbishop of Atlanta, the Federal Trade Commission and the Georgia Attorney General, according to the release.
Read the release about the St. Joseph’s/Piedmont joint operating company.
