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.
- Interventional Radiology No Longer a Sub-Specialty
- CEO Exchange: Preparing for Population Health
- Advocate, NorthShore Deal Would Create 16-Hospital System
- Top Reason for Nurse Turnover: Managers
- CEO Exchange: Pressure is On to Partner, Drive Quality
- House OKs Cassidy's 'keep your plan' bill
- How MA plans to re-enroll 450,000 residents in health insurance
- Medicare is pricier in unhealthy states, study says
- Behind the CVS Health Rebranding Strategy
- CMS Pitches Medicare Appeals Deal to Hospitals