St. Joseph, RWMC file papers to merge under new company

PROVIDENCE – St. Joseph Health Services and Roger Williams Medical Center last week filed a roughly 27,000-page application with the state attorney general and the R.I. Department of Health to affiliate under a new holding company, CharterCARE Health Partners.
The deal, which was first announced last April, must now undergo a review process under the Rhode Island Hospital Conversion Act that has never been completed before and that is expected to take nine months or longer, including public hearings.
If the deal is approved, CharterCARE would control 579 licensed hospital beds, employ about 3,200 employees and have about $330 million in annual operating revenue, the hospitals said. Roger Williams President and CEO Kenneth H. Belcher would hold the same ranks within CharterCARE, while St. Joseph President and CEO John M. Fogarty would be executive vice president and chief operating officer.
In a joint interview, both men stressed that the merger’s goal is to ensure patients’ access to care at the hospitals. “This isn’t about us building a large empire,” Belcher said. “This is about making sure these two organizations are strong moving into the future.”
The merger is expected to lead to integration and consolidation of services, both sides said, and to “significant operating efficiencies.” The combined entity will have a market share of about 22 percent for greater Providence and 15 percent for the state. &#8226