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Highmark, Jefferson Regional announce partnership worth at least $275M

Pittsburgh Tribune-Review, June 13, 2012

Highmark Inc. expects to control 75 percent of Jefferson Regional Medical Center's board of directors by the end of the year, officials said on Tuesday. The two nonprofits announced a "strategic partnership" in which the state's largest insurer will assume $200 million of the Jefferson Hills hospital's debts and obligations, pay $75 million into Jefferson Regional's community foundation and upgrade its emergency department and clinical services. Officials declined to speculate about the cost of the upgrades. "This is not a rescue," Highmark Chairman J. Robert Baum said. "This is instead part of a growth strategy we both have."