M&A Roundup: Cincinnati Children's Signs Affiliation with TN Hospital
Vatican OKs Holy Cross Acquisition by Mt. Sinai
Holy Cross Hospital in Chicago and Sinai Health System announced that they are moving forward with their plans to make Holy Cross a member of the Sinai Health System. As required for the partnership to advance, the Vatican granted the request for the transfer of property based upon the recommendation of Francis Cardinal George, the Archbishop of Chicago.
As a member of the Sinai Health System, Holy Cross will remain a Catholic hospital and will fully comply with the U.S. Conference of Catholic Bishops Ethics and Religious Directives for Catholic Healthcare. The Sisters of Casimir will remain the religious sponsors of the hospital, Sinai and Holy Cross said in a joining statement.
The Illinois Health Facilities and Services Review Board will meet today to discuss the proposed merger. Hospital officials said they believe the state will approve the deal, which should be completed by the end of December.
UMMS Finalizes Deal to Acquire CHI's St. Joseph Medical Center
The University of Maryland Medical System and Catholic Health Initiatives on Dec. 1 finalized an asset purchase agreement for the 263-bed St. Joseph Medical Center in Towson. The hospital will be a subsidiary of UMMS.
"We are looking forward to what the University of Maryland St. Joseph Medical Center can bring to the community and to partnering with the physicians and staff," says Robert A. Chrencik, president/CEO of UMMS, a 12-hospital health system.
SJMC's current employees will become employees of either the new organization or UMMS.
"As healthcare reform continues to evolve, the SJMC board and CHI recognized their obligation to find innovative approaches to meet the changing needs of the communities they serve while remaining true to SJMC's Catholic identity," said Beth O'Brien, CHI senior vice president and group executive officer.
UMMS will not assume any SJMC liabilities arising from events occurring prior to Dec. 1, 2012. These liabilities will remain with SJMC and CHI.
John Commins is a senior editor with HealthLeaders Media.
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