Summary of Board Due Diligence

In recent years, Frisbie Memorial Hospital (“Frisbie”) has experienced many of the challenges typical of small independent hospitals. In early 2018, Frisbie retained Prism Healthcare Partners, (“Prism”), a healthcare consulting firm that helps hospitals and health systems improve financial, operational and clinical performance, to evaluate Frisbie’s operations. In an April 2018 presentation to the Board of Trustees, the projection was that Frisbie would not be able to sustain its capital needs and that its baseline cash would be completely deplete that fiscal year.

May 2018 – Frisbie Memorial Hospital Interim President & CEO Jocelyn Caple, MD publicly discusses FMH financial position in interview with Foster’s Daily Democrat and Seacoast Online. Acknowledges FMH may explore a range of partnership opportunities with healthcare organizations committed to community-based medicine that can best support needs. Read Foster’s Daily Democrat article here.

June 2018 – The Frisbie Memorial Hospital Board of Trustees declares intent to pursue significant organizational structure changes by engaging in a strategic partnership. Engagement letter is sent to gauge and identify interested potential partners.

July 2018 – FMH Engagement letter draws interest from 10 potential strategic partners. The Malia Group is retained by the Board of Trustees to assist in evaluation of individual organizations. A formal Request for Proposal is sent. A deadline for RFP submission is set for August 31, 2018.

September 2018 – Board of Trustees begins thorough evaluation of three (3) potential partners based on submissions of RFP’s from interested organizations.

January 2019 – Frisbie Memorial Hospital announces the Board of Trustees has entered into a Letter of Intent with HCA Healthcare.
Read WMUR article here.
Read Union Leader article here.

July 2019 – Frisbie Memorial Hospital President & CEO Jocelyn Caple, MD provides public update on proposed arrangement with HCA. Read Foster’s Daily Democrat article here.

February – October 2019 – Frisbie Memorial Hospital Board Members and President & CEO Jocelyn Caple, MD meet with community stakeholders regarding the potential FMH/HCA transaction.

October 18, 2019 – Frisbie and HCA execute Asset Purchase Agreement.

October 23, 2019 – Frisbie submits application packet to Charitable Trust Division of NH Attorney General’s office seeking approval of the proposed transaction.

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