Baylor Scott & White Health and Lakeway Regional Medical Center in Lakeway, Texas, today announced an agreement for Baylor Scott & White to acquire the hospital operations. The agreement will facilitate the parties working toward a successful closing of the transaction later this summer.
This announcement comes after months of conversations between the leaders of both organizations to explore strategic ways to improve quality and access to healthcare in the Austin/Round Rock region. Already the largest not-for-profit health system in the state, the addition of Lakeway Regional Medical Center (LRMC) will enhance Baylor Scott & White's ability to serve additional communities in Central Texas.
"We are constantly looking for ways to improve access to quality care and the overall health of the communities we serve," said Joel Allison, president and CEO, Baylor Scott & White Health. "This is about advancing our mission of population health for our great state."
Founded in 2012, to serve the Texas Hill Country, Lakeway Regional Medical Center is a 106-bed, full-service, state-of-the-art medical campus with 300 affiliated physicians and 450 employees. It provides services in emergency medicine, neurosurgery, orthopedics, neurology, cardiology, general surgery, gastroenterology and women's health. LRMC is currently owned by independent investors.
"The Lakeway Regional Medical Center board selected Baylor Scott & White because we share a similar vision of what we can accomplish together in this community as part of a larger statewide network," said Philippe Bochaton, CEO of Lakeway Regional Medical Center. "As part of Baylor Scott & White, we can more quickly enhance and grow services and ensure access to affordable, high-quality healthcare for patients and their families in Lakeway and surrounding communities for years to come."
Upon successful closing of the transaction, LRMC will join a strong contingent of Baylor Scott & White healthcare providers in a growing area, including Baylor Scott & White Medical Center - Round Rock, Baylor Scott & White Medical Center - Marble Falls, Baylor Scott & White Medical Center - Llano and numerous clinics. LRMC will become part of the Baylor Scott & White brand, to be named Baylor Scott & White Medical Center - Lakeway.
The planned transaction will provide opportunity for increased collaboration between Central Texas providers to deliver better-coordinated care to the regions they serve. It will also offer many advantages to the LRMC medical staff and caregivers, including access to clinical quality resources, investments in facility and medical equipment upgrades and training resources.
With the signing of the agreement, LRMC and Baylor Scott & White begin working toward completing the items required for closing the transaction, including the transition planning process and applicable regulatory and third party approvals.
In the meantime, nothing changes for patients and their families, employees or physicians at either organization, both of which will continue to focus on delivering excellent, safe, efficient care to patients, every day.
Pending successful completion of outstanding items required for closing, the acquisition is expected to be complete later this summer. Terms of the agreement were not made available.
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About Baylor Scott & White Health
As the largest not-for-profit health system in the state of Texas, Baylor Scott & White promotes the health and well-being of every individual, family and community it serves. It is committed to making quality care more accessible, convenient and affordable through its integrated delivery network, which includes the Baylor Scott & White Health Plan, Baylor Scott & White Research Institute, the Baylor Scott & White Quality Alliance and its leading digital health platform – MyBSWHealth. Through 51 hospitals and more than 1,100 access points, including flagship academic medical centers in Dallas, Fort Worth and Temple, the system offers the full continuum of care, from primary to award-winning specialty care. Founded as a Christian ministry of healing more than a century ago, Baylor Scott & White today serves more than three million Texans. For more information, visit: BSWHealth.com