Provena, Res­ur­rec­tion are con­sid­er­ing merger

Modern Healthcare - - Late News -

Provena Health, Mo­kena, Ill., and Res­ur­rec­tion Health Care, Chicago, signed a non­bind­ing let­ter of in­tent to ex­plore a merger of the not-for-profit Catholic health sys­tems. Terms of the let­ter are not be­ing dis­closed. A news re­lease said “Res­ur­rec­tion’s and Provena’s boards and spon­sor­ing con­gre­ga­tions have agreed to con­tinue ex­ploratory talks and due dili­gence re­gard­ing the po­ten­tial ben­e­fits and terms of a merger.” Six-hos­pi­tal Provena had op­er­at­ing rev­enue of $1.2 bil­lion in 2010, while six-hos­pi­tal Res­ur­rec­tion had $1.4 bil­lion for the fis­cal year ended June 30, ac­cord­ing to a fact sheet re­leased by the sys­tems. In 2010, Provena in­vested $61.3 mil­lion in equip­ment and fa­cil­i­ties while Res­ur­rec­tion in­vested $51 mil­lion dur­ing its fis­cal 2010, ac­cord­ing to the sys­tems. The two al­ready have col­lab­o­rated for al­most three years as two of the three own­ers of Alverno Clin­i­cal Lab­o­ra­to­ries, Ham­mond, Ind. Last year, Van­guard Health Sys­tems, Nashville, paid $45.4 mil­lion, in­clud­ing work­ing cap­i­tal, for two Res­ur­rec­tion-owned hos­pi­tals, 181-bed West­lake Hos­pi­tal, Mel­rose Park, Ill., and 172-bed West Sub­ur­ban Med­i­cal Cen­ter, Oak Park, Ill., ac­cord­ing to a se­cu­ri­ties fil­ing.

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