Officials would not disclose what percentage of Lakeside was purchased or the exact dollar amount, but Richman said the deal did not exceed $100 million.
Privately held Lakeside Systems Inc. is the parent company of Lakeside Healthcare, one of Southern California’s largest for-profit integrated comprehensive healthcare organizations, officials said. Lakeside Healthcare provides a network of services, including more than 300 primary care physicians and 1,500 specialists. Its medical groups serve patients with different types of health insurance, who are able to choose a physician affiliated with Lakeside, according to Lakeside Healthcare’s website.
The deal could boost the number of doctors at Providence St. Joseph Medical Center in Burbank and Providence Holy Cross Medical Center in Mission Hills and will increase case management services for patients, disease management and patient education services in the coming years, said Providence spokesman Dan Boyle.
The deal could also result in new technology at both Providence hospitals, he said.
Tuesday’s agreement — the first of its kind for Providence’s two Southern California hospitals — has been in the works for at least a year, when Richman first broached the idea. But the two have had a working relationship for about 20 years.
“I first spoke with Providence about the possibility of a strategic relationship a year ago and have been working on developing one for the last six months,” he said.
Both sides said the primary motivation behind the purchase was to provide medical services to economically disadvantaged patients.
