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Letter from Ken Doran; Tim Menton on future of Westlake Westlake Regional Health System Announces Partnership Exploration December 2, 2011 COLUMBIA, Ky. - To ensure Westlake Regional Health System's abilities to fulfill its mission of providing "Excellent Care - Every Day", the Westlake Board of Directors has committed to investigating strategic options, including potential strategic alliances with like-minded, community-oriented entities. This exploration is part of Westlake's overall goal to ensure the long-term delivery of quality healthcare to the people of Adair and surrounding counties. The announcement was made today after last night's "Special Called" Board meeting. According to Westlake Interim CEO Timothy Menton, the formal process of investigating the potential option of strategic alignments has been approved by the Westlake Board. No specific recommendations have been developed at this time. In the meantime, Westlake's Board, management, employees, and medical staff will continue to serve its patients each day with the same dedication and quality they have exhibited for the past forty-five (45) years. Mr. Menton stated that this process will take 3 - 6 months to complete. "Westlake, like many health systems across the country is dealing with a new reality that requires a shift to a new business model," said Menton. "In Kentucky and throughout the country, we are seeing consolidations and alignments of healthcare systems and hospitals in record numbers. The evolving private insurance market, the capital needs, and healthcare reform are requiring hospitals and health systems to make transformational change. We are frequently seeing the creation of synergies as part of this change. I think you will see health systems and hospitals come together in joint ventures, affiliations, and mergers, with the specific goal outcome being better care delivery models for our patients." "As we consider Westlake's role in a rapidly changing healthcare environment," added Menton, "our focus must never waiver from our mission, exemplified by Westlake's provision of the highest quality healthcare to the communities we serve." James Evans, Board Chairman commenting on the Board's action stated that as the year progressed, it became more and more apparent to the Board that the best course of action for the hospital and the residents of Adair and surrounding counties would be to seek a strategic partner. This action will ensure that healthcare will be available to all of the counties residents. In addition, Mr. Evans stated that the Board has decided to continue the contract with Spectrum Health Partners, Nashville, TN in terms of providing an Interim CEO and Interim CFO. Further, Mr. Evans stated that the Board has engaged Spectrum Health Partners, to act as Financial Advisors to the Board as they begin the process of exploring partnership options. Westlake Health System is an integrated health provider serving central Kentucky residents for more than forty-five years. With five locations in three counties, Westlake proudly offers multiple services and specialties to meet the needs of Kentuckians close to home. With primary care, mid-level and specialist physicians, registered nurses and a staff of highly trained licensed health care professionals; Westlake is made up of an experienced team of dedicated staff. Westlake provides healthcare solutions with compassion and respect for the uniqueness of every individual. Guided by a values-based culture to consistently deliver clinical and service excellence to our patients, Westlake strives for excellent care - every day. Contacts: Mr. Ken Doran, President and CEO-Spectrum Health Partners, 615-715-8947. kdoran@spectrumhpllc.com; Mr. Tim Menton. Interim CEO - Westlake Regional Hospital, 270-384-4753. Ext. 154. Tim.menton@wrhs-ky.com END OF KEN DORAN, TIM MENTON LETTER Footnote: At least one local newspaper, The Community Voice, has a newsstand headline for December 7, 2011, "Westlake is for sale." -CM This story was posted on 2011-12-08 04:16:32
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