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Sale of Northeast Health System, parent company of Beverly Hospital, not expected until fall

Posted by Stewart Bishop  June 22, 2011 11:04 AM

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The sale of Northeast Health System, the parent company of Beverly Hospital, will not be finalized until September, hospital officials said.

Previously, the nonprofit medical company had said it intended chose a buyer by the end of June.

"This is a significant undertaking; one requiring careful and thoughtful analysis," Kenneth Hanover, President and CEO of Northeast Health System, said in a statement. "Therefore we expect the review process to continue through the summer and a decision to be reached by September."

The sale of the North Shore company, which has been in the works since
early in 2010, is necessary in order to secure investment capital for "information, clinical and medical technology," Hanover said.

Currently, the company is considering four potential buyers: Beth Israel Deaconess and Lahey Clinic, both nonprofit organizations, as well as Vanguard Heath Systems and Steward Health Care System, two for-profit companies, according to Northeast Health System spokesman Gerald MacKillop.

Prior to any decision on the sale of the company, MacKillop said Hanover will hold at least two community forums in the North Shore to seek public comment on the impending sale.  

Northeast Health System also owns Beverly Hospital at Danvers, BayRidge Hospital in Lynn and Addison Gilbert Hospital in Gloucester.


Stewart Bishop can be reached at sbishop@globe.com

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