Rhode Island’s largest hospital receiving $150M investment from Brown University
Lifespan, the largest hospital system in Rhode Island, will be renamed as part of the Brown University Health network affiliation agreement—however, Lifespan will not be formally joining Brown.
Under the terms, Lifespan will receive a $150 million investment from Brown University over the next seven years. The funding will be used for physician recruitment, technology upgrades and community programs, Brown said.
Lifespan will receive between $15 and $25 million per year. Brown will also be taking over the management of Lifespan’s investments, totaling $800 million.
“It is critical that facilities, systems and technologies are not only modernized, but are cutting-edge in order to be able to compete with out-of-state companies, new entrants to the market and large national providers, particularly for-profit businesses,” John Fernandez, President and CEO, Lifespan, said in the statement.
The name change is expected to happen later this year, but Lifespan will remain an independent institution and not formally united with the university, the organizations said.
Lifespan will also continue to be affiliated with universities other than Brown.
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