Cleveland Clinic will become a minority owner of Akron General Health System, making two health systems exclusive partners in the highly competitive Summit County Ohio market.
Thomas L. "Tim" Stover, MD, MBA, president/CEO, Akron General Health System, declined to detail the financial terms of the deal, which includes a "substantial" investment by the Clinic. Nor could he provide a specific breakdown of the Clinic's minority ownership.
"Frankly we don't know yet," Stover said in a telephone interview Tuesday. "We have to do an evaluation of our entire system and then we are going to back into the percentage. But it will be significantly less than 50%."
Stover says it was important for Akron General to retain majority ownership of the health system because "first of all we want to make sure that this thing works."
It was also a question of local control.
"Even though we are only 25 minutes away from Cleveland, Akron, OH is Akron, OH. People want to get their care here," Stover said.