Philippe Bochaton, CEO of Lakeway Regional Medical Center, announced July 6 the hospital has been acquired by Baylor Scott & White Health.[/caption]If all goes according to plan, Lakeway Regional Medical Center—located at 100 Medical Parkway, Lakeway—will transition to the Baylor Scott & White Health system by the end of this summer, LRMC CEO Philippe Bochaton announced July 6.
“I think we realized early on, in the summer of 2015, that in order to implement our strategic plan, we needed to identify the right partner,” he said. “We looked at different models of partnership and who was the right partner to better serve this community. Baylor Scott & White came out as the perfect fit for us as it related to our vision.”
Although Bochaton said the purchase was “a partnership in many ways,” the contract is for Baylor Scott & White to acquire LRMC, which will be renamed Baylor Scott & White Medical Center-Lakeway. The cost of the acquisition was not disclosed.
“This agreement is an opportunity to strengthen our population health model in Central Texas, which ultimately means better health in the communities we serve, better care for patients and affordable costs for all," said Jay Fox, CEO of Baylor Scott & White-Austin/Round Rock region.
Moving forward
The 106-bed acute-care hospital has seen numerous ups and downs since its April 2012 opening, including the February 2015 purchase of its $164 million outstanding loan by MedEquities Realty Trust Inc.
Bochaton was named CEO in April 2015 after serving as chief administrative officer for St. David’s Healthcare. At LRMC he brought in specialists in the neuroscience and cardiology fields. In May a $3.7 million investment in its surgical suites and technology allowed the hospital to expand its operating room space and add surgical staff.
In December, LRMC earned a Primary Stroke Certification following an independent review by health care accreditation organization The Joint Commission.
“Neurology and cardiology are two great examples of departments we want to grow and better provide services to the community,” Bochaton said. “[The acquisition] allows us to look at our three-year strategic plan and evaluate whether we will continue growing the [neurosurgery and cardiology] departments.”
He said with the acquisition, the hospital may have the resources and expertise to also focus on growing its existing departments, including orthopedics, obstetrics/gynecology and oncology as well as adding health care certifications, such as a trauma designation.
“I think we are going to have an option to really look at those specialty care, specialty services and identify the needs of the community,” Bochaton said.
Bochaton said he will stay on as CEO of the hospital and expects very few staff changes, if any, for employees, including physicians and nurses. The hospital will continue to accept all insurance, including Medicare, and will be open to nonemployed physicians, he said.
Why Baylor Scott & White?
Bochaton said Baylor Scott & White was identified by the hospital’s board of directors and leadership team as a prospective partner because its statewide care system could provide the center with the resources and expertise it needs for the future.
“What we were looking for was a partner that could actually help us grow and provide quality, affordable care to our community, [offer] additional services and grow from our current position,” he said.
Bochaton said with its Cedar Park, Dallas, Marble Falls and Round Rock/Temple programs, Baylor Scott & White is a “stable, growing health care system.” The organization also offers a network of 80 primary care physicians who will now be accessible to LRMC, he said.
“We view this partnership, this acquisition, as very positive for the community,” he said. “It’s going to bring a great number of resources and services to patients in the Lakeway and surrounding area—expertise in population health and population health management, access to resources and specialists and, equally important, access to primary care services that will be linked to the hospital.”
The ability to better recruit physicians and nurses using Baylor Scott & White’s resources and branding was an incentive for LRMC in its acquisition decision, Bochaton said.
Win-win-win
Bochaton said the acquisition will not only benefit the Lake Travis community but will be a positive move for both LRMC and Baylor Scott & White.
“I think that Baylor Scott & White will allow us to really accelerate some of our initiatives—the implementation of our 3- to 5-year strategic plan, [offer] additional service lines and provide quality, affordable care to our patients in this community,” he said. “We offer the Baylor Scott & White system the opportunity to really [have] more presence in this market and establish a presence in this community of Lakeway that is a growing community. I think both systems are excited about the opportunity.”
