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GoLocalProv | Lifespan Acquisition of Major Physician Group Takes Them Off Tax Roll

Lifespan in another mega-merger
It is official Lifespan has gobbled up one of the largest physician groups in Rhode Island with little attention.
Lifespan, the largest hospital group in the state, has now acquired Coastal Medical in a deal the two healthcare entities have been working on for over a year.
From For-Profit to Non-Profit
The deal takes the for-profit off the tax roll according to multiple sources and documents filed with the state over a year ago.
The acquisition of Coastal Medical by Lifespan seems to skirt the state’s regulatory structure as one is a hospital group and the other is a practice. Thus, there is no merger review as in the case of hospitals. ....

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Coastal Medical finalize agreement to join Lifespan health system

Coastal Medical finalizes agreement to join Lifespan health system
Alexa Gagosz
© Jonathan Wiggs/Globe Staff
An exterior of the Andrew F. Anderson Emergency Center at Rhode Island Hospital.
PROVIDENCE Coastal Medical, one of Rhode Island’s largest primary care providers, finalized plans this week to officially become part of Lifespan Corporation’s health system, the organizations’ presidents announced Tuesday.
Coastal Medical and Lifespan signed a letter of intent to affiliate in February 2020, and an asset purchase agreement in January 2021.
While Coastal Medical chief executive Dr. Alan Kurose and Lifespan chief executive Dr. Timothy Babineau have previously said the partnership was a way to “unify health care delivery” in the state, they wouldn’t call it an acquisition. ....

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