Grand Forks, N.D.-based Altru Health System is in the final stages of acquiring a critical access hospital in Devils Lake, N.D., from Chicago-based CommonSpirit Health – but the deal comes down to one last step: an approval from the Vatican.
Derek Goebel, CFO, told Becker’s during a CFO+Revenue Cycle Podcast episode that Altru and CommonSpirit have completed all transactional documents, but must wait on the Vatican’s approval due to CommonSpirit’s Catholic affiliation.
“We’re eagerly awaiting the result from the Vatican to execute the transaction, and both sides are anxious to see that come to fruition,” Mr. Goebel said. “It’s going to be a really great thing for the community.”
Altru signed a nonbinding letter of intent to acquire Devils Lake Hospital from CommonSpirit in late June 2024. Should the deal be approved, Tanner White will serve as CEO of the 25-bed hospital.
Altru already runs a clinic with primary care and outpatient services like renal dialysis that are connected to the hospital. The acquisition would allow for streamlined care across both facilities.
“The next step is actually the transition of the staff and the providers from Devils Lake onto the Altru team,” he said. “We’ve got some onboarding planned. We’ve got [an] Epic implementation expected [at the hospital], basically the next moment we have that acquisition done. … We’ve worked through the transaction documents and details, and [are] ultimately waiting for that final piece. It should be a very quick transition.”
The move aligns with Altru’s long-term goal to keep healthcare local and preserve its independence. The system recently joined the Rough Rider Network, a system of 23 rural hospitals across North Dakota, according to its website.
“We’ve explored a lot of different avenues to cut cost from healthcare, but continue to keep independence and to serve the population that we need,” Goebel said.
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