Owensboro Health and Twin Lakes Regional Medical Center have finalized a purchase agreement that formally adds TLRMC to the Owensboro Health system, effective immediately. A 75-bed hospital based in Leitchfield, KY, Twin Lakes becomes the third hospital in the Owensboro Health system, joining Owensboro Health Regional Hospital and Owensboro Health Muhlenberg Community Hospital. The hospital will be renamed Owensboro Health Twin Lakes Medical Center.
The agreement between Owensboro Health and Twin Lakes fulfills a letter-of-intent signed by both parties on Apr. 13, 2020 and completes a nine-month due diligence process.
“With its long history of service to Grayson County and the surrounding area, Twin Lakes aligns with our values and is a perfect fit for Owensboro Health,” said Greg Strahan, president and CEO of Owensboro Health. “Together as one vibrant health system, we can expand healthcare services in the Twin Lakes region and increase access to high-quality care.”
The addition of Twin Lakes adds nearly 500 new employees to the Owensboro Health workforce, which now totals nearly 4,800 team members. The agreement also adds more than 20 TLRMC specialists to Owensboro Health Medical Group.
“Joining with a strong partner like Owensboro Health is an investment in our hospital and in the communities we serve,” said Wayne Meriwether, CEO of Twin Lakes Regional Medical Center. “We approached this search from a position of strength and were looking for a health system that understands rural healthcare. Owensboro Health has demonstrated a sincere commitment to our hospital, our employees and the Grayson County area.”
Earlier this summer, Meriwether announced he would retire after the Owensboro Health purchase is finalized. Ashley Herrington, former CFO at Twin Lakes, has been named to replace Meriwether as Twin Lakes’ top executive.
Twin Lakes announced plans to seek a potential affiliate partner in August 2019 and conducted interviews with several interested health systems before pursuing an agreement with Owensboro Health.
“More than any other prospective partner we met with, Owensboro Health presented the best roadmap to preserve our culture of community-based care, build financial strength and expand physician services,” said Twin Lakes Board Chair Trevor Ray, PharmD. “They presented a comprehensive plan that met all of the objectives we had identified.”