By Andrew L. Wang - Northwestern Memorial Hospital will anchor the new four-hospital system.Northwestern Memorial HealthCare and Cadence Health formally agreed to merge Sept. 1, the systems said this morning. The combined four-hospital system will be anchored by Northwestern Memorial Hospital in Chicagos Streeterville neighborhood and have total revenue of about $3 billion. The system still will be smaller than Advocate Health Care, the states largest health system, which has 12 hospitals and posted $4.94 billion in revenue in 2013. The move, announced in March, marks Northwestern Memorials second major suburban acquisition in the past five years. In 2010 the system acquired Lake Forest Hospital. The merger with Cadence will add Central DuPage Hospital in west suburban Winfield and Delnor Community Hospital in Geneva. “We are honored to welcome Cadence Health into the Northwestern Medicine family,” Northwestern Memorial HealthCare CEO Dean Harrison said in a statement. “Cadence is an ideal health system to combine with as their vision, mission and values are very similar to ours.”Mr. Harrison will head the new system, which will operate under the Northwestern Medicine brand. Cadence CEO Michael Vivoda will be president of the new systems western region. Related: • Northwestern-Cadence merger sidesteps industry payment trends • Northwestern merger puts Cadences Cleveland Clinic alliance in jeopardy • Northwestern Memorial HealthCare, Cadence approve merger The merger comes a year after Northwestern Memorial completed its acquisition of the Northwestern Medical Faculty Foundation, a 900-physician group that used to be within Northwestern Universitys Feinberg School of Medicine. The Northwestern-Cadence merger gained regulatory approval in July from the Illinois Health Facilities and Services Review Board. chicagobusiness/article/20140827/NEWS03/140829847/northwestern-cadence-come-to-terms-on-merger#
Posted on: Sun, 31 Aug 2014 13:41:11 +0000
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