Home Economy New Lifespan, Brown affiliation expected to be finalized by end of March

New Lifespan, Brown affiliation expected to be finalized by end of March

Updated at 1:03 p.m.

By

Katie Castellani

-

03/15/2024

Rhode-Island-Hospital — ALMOST FIVE months after announcing talks of strengthening their ties, Lifespan and Brown University are wrapping up new affiliation agreements, according to Lifespan Chief Financial Officer Peter Markell./ COURTESY RHODE ISLAND HOSPITAL.

PROVIDENCE – Almost five months after announcing talks of strengthening their ties, Lifespan and Brown University are wrapping up new affiliation agreements, according to Lifespan Chief Financial Officer Peter Markell. In October 2023 Brown President Christina H. Paxson said that the university and Lifespan had voted on the “parameters of a new nonbinding term sheet”

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PROVIDENCE – Almost five months after announcing talks of strengthening their ties, Lifespan and Brown University are wrapping up new affiliation agreements, according to Lifespan Chief Financial Officer Peter Markell. In October 2023 Brown President Christina H. Paxson said that the university and Lifespan had voted on the “parameters of a new nonbinding term sheet” that would allow the institutions to “strengthen existing affiliation and licensing agreements.” Though there were little details about the terms of the expanded partnership, Lifespan spokesperson Kathleen Hart previously said there’s a chance it could include rebranding the state’s largest health system. Both Brown and Lifespan Corp. have been fairly quiet about the discussions since then. But during an investor call Thursday Markell said both institutions have agreed to three items: an affiliation agreement, an investment participation agreement and a trademark license agreement. Markell said Lifespan and Brown are now in the process of finalizing the agreements and hope to have them signed by the end of the month. “Everybody wants to know where we are with the Brown affiliation, I would say we’re making excellent progress,” Markell said. “We’re very pleased that we’ve reached an agreement with Brown and we look forward to a very strong future together.” The new agreements come as Lifespan and Brown’s existing affiliation expired on Dec. 31. Also, while they are strengthening their ties Paxson said in October that Lifespan and Brown would remain two “separate and distinct nonprofit organizations” and the new agreement would not affect the university’s affiliations with other health care providers including: Care New England, the VA Providence Healthcare System, HopeHealth and Brown Physicians Inc. Markell didn’t go into the specifics about the agreements, and spokespeople for both Brown and Lifespan declined to provide further details Friday. But Markell said the institutions have been focused on boosting branding, recruitment, research and innovation as well as joint capital deployment. Since discussions began Lifespan has bolstered its leadership team with several hires who also have strong ties to Brown. These include Dr. Babar Khokhar, Lifespan executive vice president and chief physician officer as well as the associate dean for clinical affairs at Brown University’s Warren Alpert Medical School; Dr. Linda Brown, chairwoman of the Department of Emergency Medicine and physician-in-chief of emergency medicine for Lifespan hospitals and president of Brown Emergency Medicine; and Dr. Mahesh V. Jayaraman, Lifespan’s chief of diagnostic imaging and chairman the Department of Diagnostic Imaging at the Warren Alpert School of Medicine. Several physicians at Lifespan’s teaching hospitals – Rhode Island, The Miriam and Bradley – are also faculty members of Brown’s Warren Alpert Medical School. Paxson also said that Lifespan, Brown and Care New England Health System will continue partnering through an aligned research collaboration, known as the Brown Innovation and Research Collaborative for Health or BIRCH, that was signed in 2022. (Update: Adds Brown declining comment in sixth paragraph) Katie Castellani is a PBN staff writer. You can reach her at Castellani@PBN.com.