Montefiore to Acquire Another Bankrupt Hospital
Sherman's six other facilities in the Fox Valley will also take the Advocate name. Full integration of the two systems is expected to take about two years, Advocate said in a media release.
During its search for a buyer Sherman met with more than a dozen potential partners and began the due diligence process with Advocate in October, 2012. The deal was approved by state regulators in May.
"From the inception of our partnership discussions, our respect for the Sherman team and their accomplishments and capabilities has only increased," Jim Skogsbergh, Advocate's president/CEO said in a media release. "We share numerous core values; including a commitment to health outcomes and patient safety and a commitment to the communities we are privileged to serve."
Advocate operates 10 acute care hospitals, Illinois' largest integrated children's network, five Level I trauma centers, two Level II trauma centers, the state's largest home healthcare company and more than affiliated 6,000 physicians. Sherman will add seven sites, including a skilled nursing and inpatient rehabilitation facility, approximately 2,200 associates and 600 physicians to the Advocate system.
Advocate said it will not assume liability for Sherman's outstanding debt.
John Commins is a senior editor with HealthLeaders Media.
- CVS Ramps Up Retail Clinics with Provider Affiliations
- 4 Tectonic Shifts Shaking Up Healthcare
- Drug Pricing 'Tantamount to Greed,' Lawmaker Says
- Contradictory Obamacare Rulings Issued by Appellate Courts
- Study Puts Spotlight on Preventing Fall-Related Injuries
- Wanted: Nurse PhDs
- As HIPAA Breaches Accelerate, Tools Lag
- Roundtable: Life After a Healthcare Organization Acquisition
- The Infection-Busting Treatment Payers Don’t Want to Talk About
- Medical Errors Third Leading Cause of Death, Senators Told