"You don't have to be a rocket scientist…to know there is safety in numbers and that you have to figure out ways to take costs out of healthcare," Beeman says of AllSpire.
Beeman expects that forming this partnership with other regional providers will allow LG Health to share best practices, combine clinical resources, coordinate IT efforts, strengthen supply chain purchasing power, and reduce the overall cost of providing care to patients.
For example, one idea that is being considered by the AllSpires board is the possibility of consolidating reference laboratory services, Beeman says. "There may be an opportunity to start one mega regional lab where we can do something to take out costs and improve quality."
"In this kind of partnership, trust is paramount," he adds. "The good news may be that the seven CEOs have a combined 200 years of experience in healthcare. That helps because we are not trying to prove anything other than to leave a legacy of value for the organizations that we helped develop."
LG Health also has a strategic alliance with the University of Pennsylvania Health System to develop initiatives around improving patient care and lowering costs.