Bannock County, Idaho, commissioners have chosen Legacy Hospital Partners, Plano, Texas, to help build a replacement for two-campus Portneuf Medical Center, Pocatello, the county said.
Under the countys proposal, the county would contribute Portneufs assets to a joint venture between Legacy and a new tax-exempt organization, Portneuf Health Care Foundation. Voters must approve the proposal in November for the joint venture to go forward. Bannock County and Legacy have signed a letter of intent, the county said. Legacy will own a majority stake in the joint venture, but the governing board will be split 50-50 between Legacy and the foundation. Portneuf Medical Center was formed by the merger of the only two hospitals in Pocatello in 2002.
The county announced last month that Legacy and LifePoint Hospitals, Brentwood, Tenn., were finalists for the proposed joint venture. Much of the management team of Triad Hospitals, Plano, formed Legacy earlier this year, planning to employ a strategy of acquiring hospitals through joint ventures with tax-exempt providers. The companys board includes three former chairmen of the American Hospital Association. Legacy, backed by CCMP Capital Advisors and the Canada Pension Plan Investment Board, agreed in May to form a joint venture with the University of New Mexico Medical Group to build a hospital outside Albuquerque, possibly on a campus that the university is developing in Rio Rancho. -- by Vince Galloro