Lawrence General Hospital Bankruptcy Acquisition Case Study

This case study details the acquisition of Holy Family Hospital (HFH) by Lawrence General Hospital (LGH) following the bankruptcy of Steward Health Care, the largest for-profit health care system in the US. The asset purchase agreement was filed on August 29, 2024, with a goal to integrate approximately 1,400 HFH employees into LGH's existing HR and benefit programs by October 1, 2024. The study outlines the challenges faced due to the expedited integration process, which included managing multiple collective bargaining agreements and ensuring continuity of patient services. LGH engaged Goulston & Storrs for legal representation and Optimatum Solutions for HR vendor management to facilitate a smooth transition. Key strategies included aligning stakeholders, managing HRIS data, and implementing new payroll systems. The successful integration involved onboarding new technologies and ensuring effective communication with employees. Lessons learned emphasize the importance of change management and proactive communication during transitions, particularly in a sensitive context like bankruptcy.