ALBUQUERQUE, N.M. — The UNM Medical Group and Lovelace Health System will merge their respective expertise in rehabilitation services with a new joint venture.
Under an agreement announced Wednesday, Lovelace and UNM physicians and providers will deliver services at Lovelace Rehabilitation Hospital and its outpatient therapy clinics starting this spring. The hospital will be renamed Lovelace UNM Rehabilitation Hospital.
The UNM School of Medicine and Lovelace also plan to launch a new residency program in Physical Medicine and Rehabilitation there.
Financial terms of the transaction were not disclosed, but Lovelace will be the majority partner in the new entity and retain management responsibility of the hospital and outpatient clinics, said Derrick Jones, CEO of Lovelace Rehabilitation Hospital. No layoffs are expected in the new partnership, which will launch in March or April, said Jones.
UNM will appoint a chief academic officer to join the hospital’s leadership team, which will be governed by a new six-member board — three from each institution.