LEXINGTON, Ky. – KentuckyOne Health and Appalachian Regional Healthcare confirmed today they have signed a Letter of Intent for the exclusive negotiation of the sale of Saint Joseph Martin.
The companies say the agreement is the next step for the future of health care in Martin. If a definitive agreement is reached, it would establish the continuation of local ownership and operation of the facility.
Saint Joseph Martin has served the people of Floyd County since 1947. By working with Appalachian Regional Healthcare, KentuckyOne Health believes the vision for health and wellness in this area will continue.
“Appalachian Regional Healthcare is a well-known and well-respected leader in health and wellness across Eastern Kentucky,” said Saint Joseph Martin President Kathy Stumbo. “We are pleased to be talking with this organization to guide the future of care for this unique community. ARH knows this community and has the experience and insight to continue improvements and investments to support patients, physicians, employees and all in this region.”
Appalachian Regional Healthcare is a not-for-profit health system serving 350,000 residents across Eastern Kentucky and Southern West Virginia, operating 11 hospitals, multi-specialty physician practices, home health agencies, HomeCare Stores and retail pharmacies.
“It is an exciting time for ARH as we continue to expand our services throughout Floyd County with the potential addition of Saint Joseph Martin,” said ARH President and CEO Joe Grossman. “Saint Joseph Martin has worked closely with our McDowell ARH Hospital to ensure the residents of Floyd County and surrounding areas have local access to the best in healthcare services. We are pleased that they could soon be a part of the ARH system and our long-term plans for healthcare in Eastern Kentucky. We look forward to welcoming these employees to the ARH team, where they would continue to provide their strong tradition of excellent care while also benefiting from the collective stability and strength of a multi-hospital system such as ARH.“
Appalachian Regional Healthcare was the clear leader in the extensive due-diligence and review period of bids for Saint Joseph Martin. They have a vision to maintain current services, employment opportunities and a long-term outlook for investment in quality care performance, clinical and employee development and community outreach which has made this facility so successful and valuable to-date.
“It was a unanimous decision to begin exclusive negotiations with Appalachian Regional Healthcare,” said Jane Chiles, chair, KentuckyOne Health board of directors. “Saint Joseph Martin has a long and important legacy, and we believe that ARH will remain committed to that legacy and continue to deliver much needed care and jobs in the Martin community.”
“I would like to applaud KentuckyOne Health for its commitment to develop a win-win scenario,” said state Sen. Johnny Ray Turner. “The proposed alignment with Appalachian Regional Healthcare would put Saint Joseph Martin in a unique regional network, ready to respond to the unique medical needs of our region.”
KentuckyOne Health and Appalachian Regional Healthcare will continue their negotiations over the coming months.
KentuckyOne Health also announced today that it has signed a letter of intent to begin exclusive negotiations with BlueMountain Capital Management for the sale of KentuckyOne’s Louisville properties.
Back in September, ARH also announced its intention to purchase Highlands Regional Medical Center, in Prestonsburg. At the time, the two companies said they expect the deal to be finalized early next year.