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Palmetto Health, Greenville Health to create 13-hospital system

Columbia, S.C.-based Palmetto Health and Greenville (S.C.) Health System declared their intent to integrate June 15.

The merged entity will consist of 13 hospitals and garner more than $3.9 billion in annual net revenue. It will also create one of the largest health systems in the state, according to The State.

Under the agreement, the combined entity will maintain a board of directors with equal representation from both health systems. The merged organization will operate under a new brand name which officials have yet to choose.

Officials said nearly half of all South Carolinians will be within 15 minutes of the merged entity's physician practices, hospitals and other health facilities. Because of its size, officials said the combined entity could invest up to $1 billion during the next five years in various programs, technology, facilities and team members.

The deal is subject to regulatory approval, as well as approval from each health system's boards. Officials expect to obtain approval by Jan. 1, The State reports.

"Both organizations are committed to ensuring our community members receive the healthcare they need, regardless of their ability to pay," Charles Beaman Jr, CEO of Palmetto Health said. "Our integration to become a new health company continues our commitment to serving our patients. We will create a culture that attracts, retains and develops the highest quality and diversity of team members, and continue to teach the next generation of physicians and other caregivers."

More articles on transactions and valuations:
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