Catholic Health Initiatives and Dignity Health have announced plans to merge into a new, nonprofit Catholic health system that will serve 28 states, Dignity said in a statement.
The new health system would include 139 hospitals across 28 states and a combined revenue of almost 29 billion dollars with more than 159 thousand employees.
The combined company's headquarters will be in Chicago and operate under a new name, which will be chosen in the second half of next year, when the deal is expected to close, the companies said.More news: Mondelez International, Inc. (NASDAQ:MDLZ): Financial Health and Analyst Ratings
To view the full article, register now. Individual facilities will continue to operate under their existing names, at least for the foreseeable future.
The organizations will not overlap geographically across hospital service areas, Dignity said.
Nationally, CHI CEO Kevin Lofton and Dignity CEO Lloyd Dean will serve as co-CEOs, each with specific and independent responsibilities and decision-making authority.More news: Palestine, Egypt confer after U.S. decision on Jerusalem
The two health systems are similar in size - Dignity reported $12.9 billion in revenue in 2016, Catholic Health Initiatives reported $15.5 billion - and would have a combined annual revenue of $28.4 billion.
CHI, which is based in the Denver area, said it is combining forces with Dignity Health, a Catholic healthcare system based in San Francisco. The goal is to increase their investments in digital technologies like tele-medicine programs, stroke robots, Google Glass and expand access to outpatient and virtual care settings. Dignity Health has medical facilities in California, Nevada and Arizona.
"I think for the first couple months the people most directly impacted are national folks that work in those two offices", Reyman said. The program's objective is to be available at almost 150 CHI and Dignity Health and care centers across the US, serving approximately 12 million patients annually, Dignity said.More news: Dollar Tree, Inc. (DLTR) Surges to All-Time High, Is Now Top Performer
The deal is expected to close sometime late next year, pending federal, state and church approvals.
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