Tag Archives: Definitive Agreement

Western Maryland Health System, UPMC to pursue merger

Posted on by • Posted in Uncategorized • Tagged , , , , , , , , , • Leave a comment

https://www.beckershospitalreview.com/hospital-transactions-and-valuation/western-maryland-health-system-upmc-to-pursue-merger.html?origin=cfoe&utm_source=cfoe

Image result for upmc health system

Cumberland, Md.-based Western Maryland Health System has signed a nonbinding letter of intent with Pittsburgh-based UPMC to pursue a merger.

The systems entered a clinical affiliation in February 2018.  Over the next few months they will engage in further due diligence and research to reach a definitive merger agreement.

A merger would “allow WMHS to maintain clinical excellence in western Maryland and throughout the region for years to come,” said Barry Ronan, president and CEO of the Maryland health system. “Since we became clinically affiliated with UPMC in 2018, we have a stronger clinical and operational position, allowing a broad range of nationally recognized care here locally for the people of Allegany County and surrounding counties in Maryland, Pennsylvania and West Virginia.”

 

 

FastMed, NextCare announce merger

Posted on by • Posted in Uncategorized • Tagged , , , , , , , , , • Leave a comment

https://www.healthcaredive.com/news/fastmed-nextcare-announce-merger/544538/

Dive Brief:

  • Phoenix-based FastMed Urgent Care has signed a definitive agreement to acquire NextCare Holdings of America, a Mesa, Arizona-based provider of urgent care and occupational medical services.
  • The combined company will have 251 clinics in 10 states — merging FastMed’s 110 clinics in Arizona, Texas and North Carolina with NextCare’s 141 in Arizona, Colorado, Kansas, Missouri, New Mexico, North Carolina, Oklahoma, Texas, Virginia and Wyoming.
  • The deal, which is subject to regulatory approvals, is expected to close within 60 days.

Dive Insight:

The shift to value-based care and greater use of alternative care sites is one factor fueling growth in urgent care centers. Meanwhile, the million of Americans newly insured under the Affordable Care Act and a growing aging population has driven up emergency room volumes.

In a 2015 survey, 75% of emergency department physicians said visits had increased over the past year. The result is an overtaxed emergency staff and long wait times for patients. By contrast, urgent care offers medical care when and where patients need it and at a lower price point.

According to MarketsandMarkets, the global urgent care market will reach $26 billion by 2023, growing at a compound annual growth rate of 5.3%. Driving growth are lower costs and shorter wait times, growing investment in the sector, aging of populations and strategic partnerships between urgent care providers and hospitals.

In July, Morristown, New Jersey-based Atlantic Health System and MedExpress partnered to improve urgent care access and care coordination between the companies. The collaboration will allow MedExpress’ urgent care patients to get care at an Atlantic Health facility if more advanced care is needed.

And in October, Walgreens announced a strategic collaboration with Michigan-based McLaren Health Care aimed at improving health and pharmacy services. The vertical pact came as CVS Health and Aetna were wrapping up their megamerger.

 

 

Adventist Health, St. Joseph Health sign definitive agreement for Northern California joint venture

Posted on by • Posted in Uncategorized • Tagged , , , , , , • Leave a comment

http://www.healthcarefinancenews.com/news/adventist-health-st-joseph-health-sign-definitive-agreement-northern-california-joint-venture?mkt_tok=eyJpIjoiT1RrME5HWmxNV0kyTkRZeCIsInQiOiJzQ2N6dzlKclF2QmpZaGZraHhUYWRwZThOSit4NjFJZ003dUtnU3NKem9WSkN0QXZUdVJVcUFIRWhMRHJZQ2I3a0N6YWNiR1pLVVFTdzdcL0hvSFl3WVR5ZVpJRWFhSUM1Y3Jyd0FRZVk0YXdOYjF3bXRWUXFXMkN1VlwvMkRMTGNpIn0%3D

 

Details are still being worked out about physical locations or shared access to care services and they hope to finalize the arrangement this year.

Adventist Health and St. Joseph Health will partner on a new joint operating company that will integrate clinical activities and services across clinics and facilities in Northern California.

The joint operation will include a new president and CEO, and a few other positions still to be determined. A governing board of consisting of 5 appointees from each system will also be formed. Adventist and St. Joseph facilities would keep their existing hospital names, licenses, capital assets and employees.

“By establishing a network that combines the parties’ footprints in this six county area, we intend to increase patients’ access to care,” said Kevin Klockenga, President & CEO, St. Joseph Health Northern California. “We intend to improve our ability to deliver better care on a number of fronts, including developing a comprehensive care continuum strategy; collaborating on centers of excellence, health information sharing, and care management; and developing a value based provider network.”

Adventist Health President of the Northern California region Jeff Eller added that “patients will benefit from more access points, better health outcomes and controlled costs by coordinating their care across the spectrum of their health needs.”

The new operation will serve municipalities of Humboldt, Mendocino, Sonoma, Lake, Napa and Solano counties.

A definitive agreement has been signed, which covers a joint venture, not a merger. The proposed operation will be under regulatory review. Officials at Adventist Health and St. Joseph Health are working toward a closing of the proposed transaction sometime later this year.

A St. Joseph Health spokesperson said details are still being worked out and it is not clear whether services at the included facilities will expand or whether the joint venture simply means patients in both systems will have access to the other system’s facilities under the new network.

Dignity Health, CHI Announce Major Merger Deal

Posted on by • Posted in Uncategorized • Tagged , , , • Leave a comment

http://www.healthleadersmedia.com/leadership/dignity-health-chi-announce-major-merger-deal?spMailingID=12518385&spUserID=MTY3ODg4NTg1MzQ4S0&spJobID=1300681161&spReportId=MTMwMDY4MTE2MQS2#

Related imageRelated image

After a year of negotiations, Dignity Health and Catholic Health Initiatives have signed a definitive agreement to merge operations.

The new, as-yet unnamed health system will be one of the largest in the nation, including more than 700 care sites and 139 hospitals, approximately 159,000 employees and more than 25,000 physicians and other advanced practice clinicians.

 

Lahey, Beth Israel and others ink merger agreement to create 13-hospital system

Posted on by • Posted in Uncategorized • Tagged , , , • Leave a comment

http://www.beckershospitalreview.com/hospital-transactions-and-valuation/lahey-beth-israel-and-others-ink-merger-agreement-to-create-13-hospital-system.html

Image result for Beth Israel Deaconess Medical CenterRelated imageImage result for lahey hospital

Five Massachusetts hospitals and health systems have signed a definitive agreement to merge.

The agreement was signed by two Boston-based organizations — Beth Israel Deaconess Medical Center and New England Baptist Hospital — as well as Burlington, Mass.-based Lahey Health, Mount Auburn Hospital in Cambridge, Mass., and Anna Jaques Hospital in Newburyport, Mass.

Under the agreement, the hospitals will operate under a parent organization but retain their names, licenses and independent boards.

The deal, which requires regulatory approval, would create the second largest health system in Massachusetts, according to the Boston Business Journal.

This is the first time Beth Israel and Lahey have signed a definitive agreement, but it marks the fourth time they’ve tried to merge.

In addition to the 13 hospitals, the new system would include 800 primary care physicians and more than 3,500 specialists.

 

Hackensack Meridian Health, JFK Health sign definitive agreement to merge

Posted on by • Posted in Uncategorized • Tagged , , , • Leave a comment

http://www.beckershospitalreview.com/hospital-transactions-and-valuation/hackensack-meridian-health-jfk-health-sign-definitive-agreement-to-merge.html

Image result for Hackensack Meridian Health, JFK Health sign definitive agreement to mergeImage result for JFK Health

The boards of trustees of Edison, N.J.-based JFK Health and Hackensack Meridian Health, also in Edison, signed a definitive agreement to merge the two health systems following five months of due diligence.

The transaction is subject to regulatory approval. If the merger is successful, the combined entity will consist of a total of 15 hospitals and academic medical centers, along with a network of physician practices, ambulatory surgery centers, assisted living facilities and outpatient centers, among other health facilities. The merged entity will employ a staff of more than 33,000 individuals and more than 7,000 physicians.

The organizations first revealed plans to affiliate in November 2016.

The financial terms of the deal were not disclosed.

“Choosing the right partner that provides the highest-quality care and value to the communities we serve is essential. We are thrilled JFK wants to be part of Hackensack Meridian Health. We believe JFK Health will be a great addition to our network,” said Robert Garrett, co-CEO of Hackensack Meridian Health. “We will continue to improve the well-being of communities with more cost-effective care that delivers quality, safe outcomes, clinical excellence and a superior experience.”

“In a rapidly changing healthcare environment that stresses the efficient delivery of care, this merger strengthens and aligns our two organizations to maximize our population health initiatives and increase access for everyone,” said Raymond Fredericks, president and CEO of JFK Health. “Hackensack Meridian Health’s culture of caring is one that matches our values and principles sustained during JFK’s 50-year history.”