A Sustainable Future

December 15, 2020

LRGHealthcare has provided excellent local health care services for the Lakes and Three Rivers Region for more than 125 years.

In October, we began the legal and regulatory process of filing for Chapter 11 bankruptcy. At the same time, we received an offer from Concord Hospital regarding a potential asset acquisition.

We are pleased to share that we have learned Concord Hospital is the sole bidder to acquire the assets of Lakes Region General Hospital, Franklin Regional Hospital and the Hospitals’ ambulatory sites. We have always felt that Concord Hospital is a natural fit to ensure the continued provision of excellent care in the Lakes and Three Rivers Region, and we are excited about this step forward.

You can learn more by reading a press release issued by LRGHealthcare here.

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Contact Us - The Future

Frequently Asked Questions

LRGHealthcare announced that Concord Hospital is the sole bidder to acquire the assets of Lakes Region General Hospital, Franklin Regional Hospital and the Hospitals’ ambulatory sites. Following the initial announcement of LRGHealthcare’s Chapter 11 bankruptcy and Concord Hospital’s proposed asset acquisition in October, other interested parties had the opportunity to submit bids to purchase some or all of LRGHealthcare’s assets. While LRGHealthcare received significant interest from other parties, no other party submitted a bid by the deadline.

Following the initial announcement of LRGHealthcare’s Chapter 11 bankruptcy and Concord Hospital’s proposed asset acquisition, other interested parties had the opportunity to submit bids to purchase some or all of LRGHealthcare’s assets. While LRGHealthcare received significant interest from other parties, no other party submitted a bid by the deadline. However, that interest is a testament to the physicians and employees who have helped to maintain a strong foundation for LRGHealthcare despite our ongoing financial challenges.

We will not be disclosing the names of other interested parties.

Concord Hospital will acquire the assets of Lakes Region General Hospital, Franklin Regional Hospital and the Hospitals’ ambulatory sites pending further court and regulatory approvals by the State of New Hampshire.

No. There will be a Sale Hearing, where a Final Order will be issued by the court. Once a Final Order is granted, we will then begin the process of seeking approval from regulatory agencies, including the New Hampshire Attorney General’s office and New Hampshire Department of Health and Human Services.

While we continue to progress through the necessary steps in the bankruptcy process, it is important to know that nothing changes today for our physicians, employees or patients. LRGHealthcare – including all services and clinics – remains open and will continue to operate as usual.

We are working as quickly as possible to obtain necessary approvals by the State of New Hampshire and expect to close the transaction in 2021.

We have created this special section of our website to provide updates on the bankruptcy process and proposed acquisition. You can visit this page to get updates, view frequently asked questions and answers and more. We will update this page as more information becomes available.

A Sustainable Future

October 19, 2020

LRGHealthcare has provided excellent local health care services for the Lakes and Three Rivers Region for more than 125 years. Today, we are taking an important step toward securing our long-term financial stability, ensuring a bright future for our hospitals and medical practices and preserving local access to care in our communities.

LRGHealthcare is beginning the legal and regulatory process of filing for Chapter 11 bankruptcy. We are also announcing today that we have an offer from Concord Hospital regarding a potential acquisition of the assets of Lakes Region General Hospital, Franklin Regional Hospital and the Hospitals’ ambulatory sites.

As we move through this process, nothing changes for LRGHealthcare patients or employees. Our doors will remain open.

Leaders from LRGHealthcare are hosting a virtual community forum where we will share more about where we are today and seek input from our community members about the future. The virtual forum will take place on Thursday, October 29th from 5:30 – 6:15 p.m. Interested community members can RSVP here.

Read a letter to our patients and our community from LRGHealthcare President and CEO Kevin W. Donovan here.

For more details about the bankruptcy filing and court proceedings, please visit this website.

A message to our patients and our community from LRGHealthcare President and CEO Kevin W. Donovan

Have a question?

Please submit it here.

Contact Us - The Future

Frequently Asked Questions

LRGHealthcare announced that we are beginning the legal and regulatory process of filing for Chapter 11 bankruptcy. We are also announcing that we have an offer from Concord Hospital regarding a potential acquisition of the assets of Lakes Region General Hospital, Franklin Regional Hospital and the Hospitals’ ambulatory sites. After exploring strategic options for more than a year, our Board and leadership team determined this step will ensure the Lakes and Three Rivers Region continues to have access to sustainable health care services for years to come.

For some time LRGHealthcare has been exploring strategic options to protect the organization’s long-term ability to serve our communities amid financial challenges. It has not always been an easy path, but the Board and leadership team have led this work with the ultimate goal of preserving access to care for our friends and neighbors throughout our region.

To do that, it has become clear that we must first move through the procedural step of bankruptcy. As part of that process, Concord has submitted an offer to purchase our assets. The United States Bankruptcy Court will oversee an auction and sale process, and any transaction will require approval from regulatory agencies, including the New Hampshire Attorney General and the Department of Health and Human Services.

Even before COVID-19, the healthcare environment was challenging for hospitals and health systems across the country, especially small community health systems like ours. These pressures, along with poor financial management, unplanned expenses and loss of revenue over the years combined with the recent significant impact of the coronavirus pandemic have led us to where we are today. We can no longer settle for making ends meet, and our current situation is not sustainable for the long term. By filing for bankruptcy, LRGHealthcare can maximize the value of our assets and ensure the Lakes and Three Rivers region continues to have access to high-quality health care services.

We have explored all viable options to secure a bright future for our hospitals and medical practices and to preserve access to needed health care services in the Lakes and Three Rivers Region. Ultimately, it became clear that this was the right path.

It is no secret that we have experienced ongoing financial challenges that have impacted our ability to operate as we are today in the long term. This is a serious situation, and we have been serious about finding the right solution. Moving forward with the bankruptcy process will allow us to find a buyer and maintain access to health care services for our community and preserve our 125+ year legacy as a vibrant, local health care provider.

While several steps and approvals remain in the bankruptcy process, including an auction and sale overseen by the U.S. Bankruptcy Court, we feel Concord Hospital would be a natural fit to ensure the continued provision of excellent care in the Lakes and Three Rivers Region. LRGHealthcare and Concord Hospital have had many long-standing, successful collaborations over the years, and are like-minded in our not-for-profit, charitable missions.

No. LRGHealthcare has filed for protection from its creditors in the United States Bankruptcy Court. Several steps and approvals remain in the bankruptcy process, including an auction and sale overseen by the Court. While Concord Hospital has submitted a bid to purchase the assets of Lakes Region General Hospital, Franklin Regional Hospital and the Hospitals’ ambulatory sites, other potential buyers will have an opportunity to submit offers to acquire LRGHealthcare’s assets. Any transaction will require further approval from regulatory agencies, including the New Hampshire Attorney General and Department of Health and Human Services.

We feel Concord Hospital would be a natural fit to ensure the continued provision of excellent care in the Lakes and Three Rivers Region. LRGHealthcare and Concord Hospital have had many long-standing, successful collaborations over the years, and are like-minded in our not-for-profit, charitable missions. While Concord Hospital has submitted a bid to purchase the LRGHealthcare hospitals and medical practices, other potential buyers will have an opportunity to submit offers to acquire LRGHealthcare’s assets.

If the courts and regulators accept Concord’s offer and the Concord Hospital board moves forward with the proposed acquisition, Lakes Region General Hospital, Franklin Regional Hospital and the Hospitals’ ambulatory sites would become part of the Concord system once review by the New Hampshire Attorney General and Department of Health and Human Services is complete.

Nothing changes today for employees or patients of LRGHealthcare. Our doors will remain open. This process will play out in the courts and not in the walls of our hospitals, and we will continue to focus on providing the care our community needs right now.

We expect that this process will continue through the calendar year and perhaps into 2021. During that time, LRGHealthcare will continue to operate as we do today and under the same leadership. As we always have, we will provide you with relevant updates as we move forward.

We have created this special section of our website to provide updates on the bankruptcy process and proposed acquisition. You can visit this page to get updates, view frequently asked questions and answers and more. We will update this page as more information becomes available.