Business Roundup: Tenet's Vanguard Buyout Raises Bar for Independent Hospitals
"When CHE and Trinity Health consolidated, we saw a new organization of which we wanted to be a part because of the promise its new ministry offers," St. Joseph's CEO/President Kathryn Ruscitto said in prepared remarks. Ruscitto said the sale will give St. Joseph's to access the resources and economies of scale provided by a large health system while retaining some sense of autonomy.
"Most importantly, St. Joseph's will retain its governance structure and continue to operate locally, while gaining additional support from the breadth of CHE Trinity Health's combined strength, educational opportunities and best practices," Ruscitto said.
Sister Roberta Smith, general minister of the Sisters of St. Francis, said "the Sisters of St. Francis fully support St. Joseph's decision to align with CHE Trinity Health. We strongly believe CHE Trinity Health will provide a strong vision, bound by faith, for the future of St. Joseph's and the benefit of the Central New York community. We remain committed to the mission of St. Joseph's and will continue to lend our spiritual support for the compassionate good works of the institution."
The two systems said they will work together during a due diligence period over the next several months before finalizing the sale.
St. Joseph's Hospital Health Center includes a 431-bed hospital and healthcare system that provides services to patients in 16 counties in Central New York State. CHE Trinity Health is in 21 states across the nation with 82 hospitals, 89 continuing care facilities and home health and hospice programs that provide nearly 2.8 million visits annually. It employs more than 87,000 people, including 4,100 employed physicians.
John Commins is a senior editor with HealthLeaders Media.
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