Ownership of Lake Cumberland Regional Hospital is changing hands.
News broke on Monday that LifePont Health Inc., the company that owns Somerset’s own local hospital, would be entering into an agreement to merge with RCCH HealthCare Partners, which is owned by funds managed by affiliates of Apollo Global Management, LLC.
Apollo is an alternative investment manager with assets under management of approximately $247 billion as of March 31, 2018, in credit, private equity and real estate funds.
According to the Associated Press, Apollo Global Management is planning to buy LifePoint, based out of Brentwood, Tenn., and merge it with RCCH for about $56 billion. LifePoint currently has operations in 22 states.
Lifepoint was formed in 1999 following the spin-off of 23 hospitals from Columbia HCA, which is how Lake Cumberland Regional Hospital (LCRH) came into the fold. The hospital was built by Humana in 1976, succeeding the muncipally-owned Somerset City Hospital downtown.
Humana later sold the hospital to Columbia HCA, a health-care conglomerate which later split into three parts, one of which is LifePoint.
Today, the hospital hosts over 250 beds with close to 200 physicians on staff, featuring the most comprehensive medical services of any facility in the region.
Susan Wilson, Director of Marketing and Community Relations, informed the Commonwealth Journal that no one from LCRH could comment on the acquisition at the time of that call.