Issue link: https://nebusinessmedia.uberflip.com/i/1514652
wbjournal.com | January 22, 2024 | Worcester Business Journal 5 Milford Regional reaches deal to join UMass Memorial system Aer months of discussions, UMass Memorial Health in Worcester and Mil- ford Regional Medical Center have signed a definitive agreement for corporate affil- iation, allowing the struggling MetroWest hospital to receive support from Central Massachusetts' largest healthcare system. e announcement, which was made via a joint press release issued by the two systems on Jan. 16, is the culmination of a process begun in September with the signing of a non-binding letter of intent. "Agreeing upon the key terms of our corporate affiliation moves us closer to the growth and expansion necessary for Milford Regional to advance its commu- nity-focused mission," Edward Kelly, Mil- ford Regional Medical Center president and CEO, said in the press release. "is is the right time, UMass Memorial Health is the right partner, and we have the right deal to pave the path for our promising future." Milford Regional had remained inde- pendent throughout its 103-year history, but multiple years of financial losses caused the hospital to consider teaming up with a larger healthcare system. e agreement, which is still subject to approval from the Massachusetts Depart- ment of Public Health, will allow Milford Regional to continue to offer inpatient and outpatient care to the Milford area and will help support investments into improving the hospital's facilities, equip- ment, and other infrastructure. "We are excited to take this step for- ward in the process to form a corporate affiliation with Milford Regional, which will build upon UMass Memorial's long standing collaboration with this excep- tional organization," Dr. Eric Dickson, UMass Memorial Health president and CEO, said in the press release."Together, UMMH and Milford Regional will be bet- ter positioned to provide outstanding care to patients and support the health and wellbeing of communities across Central Massachusetts." Dickson previously told WBJ the financial struggles Milford Regional has Dr. Eric Dickson of UMass Memorial and Edward Kelly of Milford Regional After 188 years, we know what it takes to help Worcester's companies succeed. For decades, our experienced lenders have been right there with our business customers, helping them navigate their challenges and financial complexities. Now you can leverage the expertise and commitment of our commercial team at the new 286 Grove Street location. Recently closed loans for Worcester commercial customers Recently closed loans for Worcester County business banking customers Commercial Real Estate Geoff Homoliski SVP & Director of Commercial Real Estate 508-599-5847 Geoffrey.Homoliski@middlesexbank.com Business Banking Susan Johnson SVP of Business Banking 508-599-5828 Susan.Johnson@middlesexbank.com Commercial Bill Brassard SVP of Commercial Banking 978-660-5311 William.Brassard@middlesexbank.com $20,000,000 Commercial Real Estate Mortgage Medical Office $866,000 Term Loan Line of Credit Dental Practice $1,200,000 Commercial Real Estate Mortgage Multi-Family $800,000 Commercial Mortgage (Owner Occupied) Auto Repair Shop $3,880,000 Development Loan Line of Credit Residential Subdivision $14,700,000 Commercial Real Estate Mortgage Industrial Property Let us help you grow. Get in touch today. All offers of credit are subject to approval. EQUAL HOUSING LENDER MEMBER FDIC Continued on next page