St. Fran­cis may be join­ing As­cen­sion, and other news

Modern Healthcare - - NEWS - — Me­lanie Evans

One of Con­necti­cut’s largest hos­pi­tals could be the first hospi­tal to join As­cen­sion Health Care Net­work, a pri­vate eq­uity-backed ef­fort to launch a for­profit Catholic health sys­tem. St. Fran­cis Hospi­tal and Med­i­cal Cen­ter, Hart­ford, signed an ex­clu­sive let­ter of in­tent to join As­cen­sion Health Care Net­work, a joint ven­ture be­tween the pri­vate eq­uity firm Oak Hill Cap­i­tal Part­ners and As­cen­sion Health Al­liance, which in­cludes the na­tion’s largest Catholic health sys­tem. Leo Brideau, pres­i­dent and CEO of As­cen­sion Health Care Net­work, said the size and com­plex­ity of St. Fran­cis’ op­er­a­tions give it the mar­ket clout the for­profit sys­tem is seek­ing, but would also po­si­tion the joint ven­ture for other deals in Con­necti­cut’s con­sol­i­dat­ing mar­ket­place. Christo­pher Dadlez, pres­i­dent and CEO for the 569-bed St. Fran­cis Hospi­tal, said the deal would pro­vide greater ac­cess to cap­i­tal for in­vest­ments in strate­gies al­ready un­der way to de­velop ac­count­able care and pop­u­la­tion health man­age­ment. That could in­clude ac­qui­si­tions, he said. St. Fran­cis was among 106 or­ga­ni­za­tions in­cluded in the lat­est ac­count­able care con­tracts un­der Medi­care. The deal would in­clude St. Fran­cis Hospi­tal and Med­i­cal Cen­ter and other as­sets of St. Fran­cis Care, in­clud­ing the Mount Si­nai Re­ha­bil­i­ta­tion Hospi­tal and Con­necti­cut Joint Re­place­ment In­sti­tute. Terms were not dis­closed, and Brideau said there was no dead­line for the deal to close. Of­fi­cials must first reach a de­fin­i­tive agree­ment, and reg­u­la­tors must ap­prove a fi­nal deal.

From left, Christo­pher Dadlez of St. Fran­cis, Leo Brideau of As­cen­sion Health Care Net­work and Dr. Steven Ruby of St. Fran­cis shake hands af­ter plans ad­vance for St. Fran­cis to join As­cen­sion Health Care.

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