The troubled Lakeway Regional Medical Center has annunced a Hospital Management Agreement which will lead to a new team taking over the day to day running of the facility. This follows a thwarted attempt to sell the facility to a larger operator.

Here is the April 30th Press Release — "The Board of Lakeway Regional Medical Center (LRMC) has signed a multi-year administrative services agreement with QIR (QHR Intensive Resources) for management support services. The announcement of the agreement was made by Frank Sossi, legal counsel and acting interim chair of the hospital Board of Managers, and Mickey Bilbrey, president of QIR.

Under the terms of the agreement, QIR will furnish an on-site CEO and CFO management team, bringing expertise and resources to strengthen the hospital’s ongoing operations and enabling it to continue providing high quality patient care to the community. The hospital’s Board of Managers will retain full control over governance responsibilities.

“The Board carefully considered its alternatives before choosing QIR,” said Mr. Sossi. “Having engaged QIR last year for consulting support, we got to know them, valued their expertise, and decided QIR would be a good fit to help the hospital grow. We believe that QIR will be an effective partner in strategically moving LRMC forward and improving hospital performance.”

QIR has significant experience working with community hospitals and health systems. Mr. Bilbrey noted that QIR has provided LRMC with financial and operational advisory services over the past several months and understands the specific situation at LRMC: “We look forward to expanding our role to oversee hospital management and working with the LRMC medical staff and employees in meeting the healthcare needs of the Lakeway community.”

Joyce Hein, interim CEO, will continue to serve in this capacity while a national search for a permanent CEO is conducted. Tom Marshall has been named permanent CFO. Mr. Marshall has 25 years’ experience in financial executive positions within the healthcare industry. He is a graduate of Manhattan College and a CPA."