St. Francis may be joining Ascension, and other news
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.