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| Vol. 24, No. 23 |
| December 15, 2002 |
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Menninger Partners with Baylor College of Medicine and The Methodist Hospital This partnership will enhance Menninger’s capabilities as a center of excellence in psychiatry and the behavioral sciences by combining Menninger’s clinical program with Baylor and Methodist’s educational and research strengths. Menninger will move its Topeka, Kansas-based clinic to 2801 N. Gessner Rd. in Houston during the spring and be fully operational in its new location by this coming June. “Baylor College of Medicine and The Methodist Hospital were selected because their proposal best reflected a true partnership among equals and enabled Menninger to preserve its treatment approach,” said John McKelvey, Menninger Foundation president and CEO. “They fulfilled the required criteria, which included an internationally recognized medical center; compatibilities in cultures, treatment, and education concepts; and a strong research center with a top-ranked medical school. All of these lead to the ability to recruit world-class clinicians and researchers, and fulfill our mission that was set by Drs. C.F., Will and Karl, and continued forth by Drs. Roy and Walt Menninger.” “The board of trustees of Baylor College of Medicine is confident that bringing together these three leading institutions will result in the best possible research and treatment programs,” said Corbin J. Robertson, Baylor chairman of the board. “We are pleased to join forces in this important mission.” “Baylor College of Medicine pursues this partnership knowing that the combination of these three very strong entities will offer patients around the world the best in research and clinical care,” said Ralph Feigin, M.D., Baylor president and CEO. “By combining the latest science on how the brain functions with leading new treatments for patients, this endeavor will present the strongest possible approach in the field.” “As chairman of Baylor’s department of psychiatry and behavioral sciences, I and our faculty are delighted and enthusiastic that Menninger will be joining us in Houston to advance psychiatric treatment locally, nationally, and internationally,” said Stuart Yudofsky, M.D., Baylor department of psychiatry chairman and chief of psychiatry service at Methodist. “We respect the accomplishments of the Menninger team, and we feel honored and look forward to continuing to build on the richly deserved Menninger reputation and heritage,” said Yudofsky. “This historic partnership among Menninger, Baylor College of Medicine and The Methodist Hospital brings together the most highly qualified health care professionals to care for those among us who suffer from psychiatric illnesses. We intend to provide the most effective, patient-centered psychiatric care available anywhere – care informed and enriched by breakthrough research from our science laboratories.” Echoing comments from Baylor was Ronald Girotto, Methodist president and CEO. “This presents another opportunity for Methodist to continue to work collaboratively with Baylor College of Medicine in developing world class centers of excellence,” said Girotto. Last fall, Menninger solicited and received proposals from more than 32 medical schools and research universities from around the nation. “This is the right move at the right time for Menninger,” said Ian Aitken, Menninger Clinic president and chief operating officer. “Menninger is a world-renowned treatment and care facility, and our partnership with Baylor College of Medicine and The Methodist Hospital adds world-class educational and research capabilities, while advancing the prestige of the Menninger care program.” This agreement differs significantly from Menninger’s previously announced intention to partner with the same institutions in 2000. The improved financial and operational performance at Menninger, the guidance and counsel provided to Menninger by Bear, Stearns, Co. Inc., and extensive involvement of the Menninger board’s steering committee, ensure this transaction will be completed. In addition, the Menninger leadership team will remain intact and play key roles in the new organization:
Founded in Topeka, Kansas, by Dr. C.F. Menninger and his sons, Drs. Karl and Will, the Menninger Clinic has served nearly 250,000 patients since 1925. “On behalf of John E. Hayes Jr., chairman of the Menninger Foundation board, and all the members of our boards of directors and trustees, I’d like to express our enthusiasm for this alliance,” said Walter Menninger, M.D., grandson of Dr. C.F. and chairman of the Menninger trustees. “This partnership positions us for unprecedented success in mental health treatments and has my full support and endorsement.” Dr. Walt will remain chairman of the current Menninger trustee group. “We have concluded that the organization cannot continue to fulfill its mission of providing patient care, accredited professional education and extensive research programs here in our hometown of Topeka,” said Roy Menninger, M.D., grandson of Dr. C.F. and chairman emeritus of Menninger trustees. “I am confident that the leadership and staff who follow the Clinic to Texas, and who embrace our essential professional values, will again enable Menninger to become a beacon of hope for our patients, and a magnet for professionals interested in our special kind of clinical teamwork.” Dr. Roy will serve as a member of the Menninger-Baylor-Methodist board of directors. Financial terms of the partnership are not being disclosed.
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