Advocate Health Tries Again With Hospital Merger

Share
Advocate Health Tries Again With Hospital Merger

They will create the 10th largest non-profit integrated health system in the country, according to the publication.

The proposed deal would serve as a "50-50 merger" between Chicago-based Advocate and Milwaukee-based Aurora, with no job layoffs expected, the companies said.

The combined heath care company would treat about 3 million patients yearly and have annual revenue of about $11 billion. Since the Tenet-Vanguard merger in 2013, a $4.3 billion acquisition, large-scale mergers between health systems have become routine to keep pace with an increasingly competitive and consolidated industry.

The biggest health care providers in Wisconsin and IL are reportedly joining forces. Chou says healthcare companies ultimately aim to mirror the "classic Kaiser model", referencing industry giant Kaiser Permanente of Oakland, California. In 2016, Advocate posted revenue of almost $5.6 billion and an operating income of $263.6 million.

"This merger is about transforming care delivery and reimagining the possibilities of health as bigger meets better and size meets value to benefit consumers", Advocate CEO and president Jim Skogsbergh, said in a statement.

The merger needs approval from state regulatory agencies in IL and Wisconsin and from the Federal Trade Commission. A federal judge granted the FTC a temporary injunction to stop the merger, which led the two IL systems to abandon the plan altogether.

The agreement includes a plan for a single board of directors comprising an equal number of members from Advocate and Aurora, with Skogsbergh and Turkal serving as co-CEOs. The two systems already have an established relationship, according to the announcement, as for 20 years they have jointly owned and operated ACL Laboratories. The parties expect the deal to close by mid-year 2018.

Wauwaotsa-based Froedtert Health recently expanded its affiliation with Kenosha's United Hospital System in a new agreement effective this fall, in which United Hospital System adopted the Froedtert & Medical College of Wisconsin brand and changed its name to Froedtert South.

"For the communities in IL and Wisconsin that we serve and for our two organizations, this is an unprecedented opportunity to shape our future and better serve patients", said Nick Turkal, M.D., president and chief executive officer of Aurora.

Share

Advertisement

Related Posts

Champions League: Diego Perotti heads AS Roma into last-16
Manchester United are the shortest priced English side and look an interesting bet at 8/1 (9.0 ) as they host CSKA Moscow. Juventus also beat Olympiakos 2-0 to secure second spot to continue to round 16.

Jay-Z and Beyonce Pose for Pictures in an Elevator
In 2014, JAY-Z and Beyoncé encountered public scrutiny after Solange attacked the 4:44 rapper during their elevator ride. Come get it ", Jay-Z apparently instructed photographers, also telling the bodyguard to get out of the way for the pic.

Graduate students protest GOP tax overhaul
If also taxed for a $50,000 tuition waiver, the student would owe over $11,000 in taxes - 37 percent of their living stipend. Protesters argued the passing of the Senate bill December 2 was rushed, and that its policies would negatively affect them.

'House Of Cards' Will Continue Without Kevin Spacey In 2018
Spacey has been hit with a slew of accusations of sexual harassment and sexual assault, leading Netflix to cut all ties with him. Sarandos fell short of elaborating how Spacey's character will be eliminated from the show.

As US, allies show off military force, China shows growing unease
Reconnaissance planes, fighter jets, an early warning and control aircraft, were included in the exercise, according to Beijing. China's revelation of its own air force drills is also thought to be a message to Seoul and Washington.

Westbrook's triple-double leads Thunder past Jazz 100-94
The Thunder are 3-9 in games decided by eight points or fewer, though all three wins have come during the current winning streak. The Jazz led 47-39 at halftime, and they opened things up even more early in the third quarter.

Cinemark launches subscription service for movie-goers
If customers don't use their ticket in a given month, it rolls over and doesn't expire as long as the membership is active. The first program of its kind, Movie Club offers ticket and concession discounts along with many other exclusive benefits.

Law Enforcement Agencies Foil Plot To Assassinate British PM Theresa May
As per reports, police have arrested two men who were planning to blow up Downing Street gates and kill PM May. Britain's official terrorist threat level is at severe, meaning an attack is highly likely.

Time Warner Inc (TWX) Holdings Trimmed by Oppenheimer & Co
Pacific Alternative Asset Management Company Llc sold 399,367 shares as Avianca Hldgs Sa (AVH)'s stock declined 7.20%. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Time Warner by 1.4% during the 3rd quarter.

Game preview: Toronto Raptors vs. Phoenix Suns
McConnell will remain sidelined in Monday night's game against the Phoenix Suns at Wells Fargo Center. Outside of a dud game last Wednesday, Warren has been filling it up for the Suns as of late.

© 2015 ExpressNewsline. All Rights reserved.