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St. Luke's Hospital considers merger as losses rise

Toledo Blade, December 21, 2009

Maumee, OH-based St. Luke's Hospital is considering merging with another local hospital group—most notably Mercy or ProMedica Health System—as it continues to be shut out of lucrative insurance contracts, its chief executive says. The independent nonprofit Maumee hospital had an operating loss last year of $8.8 million, an amount based on the business of caring for patients that is expected to be even higher this year. Although it has upward of $70 million in reserves to keep it going, a merger or other arrangement may be necessary unless St. Luke's can negotiate better health insurance contracts with existing or additional insurance providers, said Dan Wakeman, St. Luke's president and chief executive officer.