Accretive Health, Ascension together for another 10 years: 3 takeaways about the partnership

St. Louis-based Ascension Health, the nation's largest Catholic nonprofit health system, and Chicago-based Accretive Health announced Tuesday they will renew, revise and expand their existing services agreement for another 10-year term.

"We look forward to expanding our relationship with Accretive Health and working even more closely with its leadership team to implement a single revenue cycle solution and develop a sustainable, long-term platform for our organization," said Ascension President and CEO Anthony Tersigni.

The renewed partnership marks the culmination of Accretive's strategic alternatives review process, announced by the company this past July.

"We are confident that we can appropriately scale our model for the significant growth our agreement with Ascension provides," said Accretive President and CEO Emad Rizk, MD.

Below are three key things to know about the strategic partnership:

1. Ascension will add more than $8 billion in new net patient revenue to Accretive.

2. A newly formed investment vehicle owned by Ascension and TowerBrook Capital Partners plans to invest $200 million in Accretive to support growth initiatives

3. The companies expect the transaction to be completed in the first quarter of 2016.

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