Community Health Systems, a Nashville-based nationwide operator of acute-care hospitals, and the Cleveland Clinic, a nonprofit multi specialty academic medical center, are joining up to buy Akron General Health System under the umbrella of a joint subsidiary, the trio of providers announced this week.
The sale of the Akron system's assets to the joint venture would position it for long-term stability and growth, the provider said in a press release. The parties are finalizing an agreement, focused on commitments to capital investment in improving facilities, technology, and hospital services.
Members of the Akron Board of Directors mulled the decision over the course of a few months. Ultimately, the decision came down to what was the best fit for the culture of Akron General.
"We are thrilled to announce that Akron General Health System has entered into discussions that we believe will lead to a transformative and strategic partnership with two outstanding, nationally renowned healthcare organizations, Community Health Systems and the Cleveland Clinic,” said Thomas L. “Tim” Stover, M.D., President and CEO of Akron General, said in a statement.
Mergers and acquisitions like this one have begun to transform the healthcare landscape, specifically within the realm of IT. Community Health Systems and Cleveland Clinic's partnership was announced back in May. Another mega merger, this one in New York, was announced last month.
In one of this year's Top 10 Tech Trends pieces, HCI Contributing Editor David Raths wrote about this emerging phenomenon.
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