Lake Health exploring strategic growth opportunities

Process, options serve to ‘strengthen organization’ in fast-changing industry

The Lake Health Board of Trustees announced March 5 that it will launch a partnership exploration process in efforts to foster opportunities for growth.

According to a news release, Lake Health is reviewing its strategic options to allow it to remain true to its mission: “providing comprehensive health care services to the residents of Lake

County and neighboring communities while honoring our commitment to local access, healing with compassion and superior quality.”

“Health care is rapidly changing, driven by technology and consumerism, meaning what people get in other industries, they want in yours,” said Dino DiSanto, vice president of marketing and government affairs for Lake Health.

“We have a long history of community partnership and have done so with almost all of the major health care systems. ‘Partnership’ is not a scary word for us.” Lake Health and The MetroHealth System recently partnered to open a day base at TriPoint Medical Center in Concord Township to house a Cleveland Metro Life Flight helicopter.

Other recent growth opportunities yielded from partnerships include the Lake Health Beachwood Medical Center and the Lake Health/ University Hospitals Seidman Cancer Center.

Kaufman Hall, a strategic enterprise management and consulting firm headquartered in Chicago, has been engaged to work with the board, medical staff and hospital leadership to evaluate opportunities, though no decisions have been made.

“Lake Health is an anchor organization in the community and this process is about looking at how we can strengthen that organization now and in the future,” said Michael Mayher, chair of the board of trustees.

“Health care is changing so fast that we need to look at how we can shape tomorrow’s health system through clinical and technological innovation in order to make Lake Health stronger for the community.”

Mayher added the strategic partnership process is also about creating the best long-term vision for the hospital.

Lake Health maintains an “A-” rating from Fitch Ratings, Inc. and a “Baa1” rating from Moody’s Corp., the release stated. The strong financial position means there is no immediate financial need for a partner.

“We begin this process from a position of strength,” said Dr. Philip Brzozowski, president of the Lake Health Medical staff. “By any metric, we have evolved into one of the outstanding health care providers in the region. Yet, there is another level to which we aspire. This process is about seeing if we can enhance our abilities and opportunities to provide care right here in Lake County.”

This isn’t the first time Lake Health has evaluated its business model, officials report. From 1924 to 1985, Lake County Memorial Hospitals operated as a county-owned entity.

In 1985, the hospitals converted to a private independent not-for-profit called Lake Hospital System. The private system took over all obligations from the county, including $19.7 million in debt which has been paid off.

Lake Hospital System changed its name to Lake Health in 2009, emphasizing its focus on health and wellness.

“As we undergo this process to position us for the future, nothing changes in terms of the superior health care we provide,” said Cynthia Moore-Hardy, president and CEO of Lake Health. “Our mission won’t change either: to provide local access, healing with compassion and superior quality, which has been our hallmark for more than a century.”