In the new healthcare landscape, collaboration is the key that unlocks the path to success.
That new landscape continues to be shaped by the new opportunities-and challenges-that result from the implementation of the Affordable Care Act. All across the country, health exchanges opened on October 1, signaling the beginning of a new marketplace for healthcare-one that broadens our responsibilities as providers and gives hope to those who have suffered without coverage.
It took collaboration and relationships to get to this watershed moment and, despite the politics, our nation's healthcare system will be strengthened by the promise of what lay ahead. New medical homes are being constructed, and their architecture is based upon the bedrock of communication and connectivity along the health continuum-between patients and providers and insurance companies and all the associated stakeholders needed to navigate that path to success.
That's a good thing.
October 1 was a significant date for PIH Health, as well in the history of healthcare: As the exchanges opened, we also officially welcomed PIH Health Hospital - Downey into our regional healthcare delivery network.
For the past few months, the leaders of both hospitals have been working together to develop a partnership that is resulting in an integrated healthcare delivery system prepared to compete in the new market-fortified by the non-profit mission and purpose that has guided both institutions since their founding.
This announcement is the culmination of the hard work of many and we are excited about the new possibilities that will result from the acquisition of the former Downey Regional Medical Center (DRMC). Throughout this process-from the moment we announced our Management Services Agreement with DRMC's Board, to the Attorney General's approval of the transaction-our shared community, our employees, partners and physicians have supported us.
Along with the new marketplace and the evolution of our shared system, PIH Health can also celebrate the creation of new healthcare community that will be stronger and more equipped to supply that community with top quality care delivered by a team of clinicians who are committed to providing the very best experience and outcomes for their patients. The collaboration between DRMC and PIH Health will benefit the patients, employees, physicians and volunteers affiliated with both institutions.
In the age of healthcare reform, those delivery systems that collaborate are rewarded for their efforts to improve wellness and increase care efficiencies. We know hospitals that work together have better outcomes, increased community presence and a stronger balance sheet. From clinical affiliations that will preserve and strengthen quality to better access to capital markets, from a better platform for innovation to more efficient operations-the new PIH Health is prepared for the future.
As we witness the beginning phases of Affordable Care Act implementation, our patients can rest assured that the new PIH Health is going to make a difference in the lives of many and will continue to improve the human condition of those in its shared community.
We're prepared for the new marketplace.
It's our mission. And our promise.