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Hackensack University Health Network, Meridian Health to merge

Hackensack (N.J.) University Health Network and Neptune, N.J-based Meridian Health have signed a memorandum of understanding to consider merging and creating the largest health system in New Jersey.

The new entity would be known as Hackensack Meridian Health, and each organization would have equal representation on the board. The integrated health system would have co-presidents and CEOs.

Hackensack and Meridian will now move into the due diligence period, which could take up to four month to complete.

Hackensack has 1,697 hospital and nursing beds. Meridian has more than 1,800 beds and more than 2,000 physicians.

"Our combined organization would serve a much broader geography, expanding access to services and developing a vast array of new non-hospital services to conveniently serve area communities," said Robert C. Garrett, president and CEO of Hackensack.

"In addition to achieving financial, clinical and cultural integration, the leadership of our organizations are committed to implementing innovative models of care, advancing education and research, and transforming healthcare delivery to thrive in the evolving environment," said John K. Lloyd, president and CEO of Meridian.

More articles on healthcare industry transactions:

TriHealth, McCullough-Hyde Memorial Hospital agree to affiliate
Alecto Healthcare Services to acquire Texas Health Presbyterian Hospital-WNJ
Prime Healthcare Services to acquire majority of Carondelet Health's facilities

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