CHARLESTON, W.Va. – The West Virginia Department of Health Facilities (DHF) has unveiled a comprehensive initiative aimed at bolstering the quality of care for seniors across West Virginia through a strategic capital investment plan for the state’s four long-term care facilities – Jackie Withrow Hospital in Beckley, John Manchin Sr. Health Care Center in Fairmont, Hopemont Hospital in Terra Alta, and Lakin Hospital in West Columbia. To spearhead this effort, the State of West Virginia has engaged Lument Securities, LLC, a leading advisor in healthcare mergers and acquisitions.
Under this initiative, Lument will assist DHF in facilitating a sustainable long-term care strategy, leveraging private capital to revitalize the state’s nursing facilities. The plan includes the sale and license transfer of these facilities, ensuring uninterrupted care and operational continuity throughout the transition.
“Ensuring the quality and continuity of our long-term care facilities is a top priority for West Virginia. By partnering with a world-renowned firm, known for their expertise in healthcare matters, we are poised to preserve and elevate the standard of care for our population served by the long-term care facilities,” said DHF Secretary Michael J. Caruso.
The strategic investment plan will channel millions of dollars into facility modernization, upgrades, and expansions in each community. Efforts will also focus on retaining the dedicated staff already serving these communities.
As part of the plan, Lument will initiate an extensive marketing campaign to engage qualified investor groups with proven operational expertise. This process will culminate in negotiating a sale agreement that aligns with the state’s vision for long-term care sustainability. Oversight of the transaction will be managed by the Department of Administration to safeguard and preserve the interests of residents, stakeholders, staff, and the community at large.
