Dear Harrington Family,
Here is the latest update concerning our Strategic Committee and Process:
Earlier this year, I informed you that we had reached out to almost a dozen healthcare organizations, all of which signed Non-Disclosure Agreements in advance of receiving a Request for Proposal (RFP).
In the spring, we sent an RFP out to these organizations. As you recall, this document was over 40 pages in length and identified several priorities that we hold in high value — services and programs that we feel are essential to maintaining healthcare services in south central Massachusetts and northeastern Connecticut.
Over the summer, we received several responses back from potential bidders who expressed interest. We held the first round of presentations in June. In September, the Strategic Committee concluded the second round of presentations with more detail provided.
Our Strategic Committee is now in the process of assessing whether one of these entities best meets the objectives that were set out initially. If so, we would enter into a non-binding letter of intent (LOI). A period of due diligence (involving significant data exchange) would occur, after which we would expect to lead into a definitive agreement. This process would then require regulatory approval, which could take up to one year to finalize.
I will keep you updated.
President and CEO