Under the agreement, Alecto will invest in both facilities to enhance their delivery of care. OVMC and EORH will continue to provide emergency and critical care services to the community throughout the transition, which officials expect to complete by June 2017.
The transaction is pending regulatory approval by state officials in Ohio and West Virginia.
“We are very excited about the potential acquisition and partnership with Alecto Healthcare Services,” said Michael Caruso, president and CEO of OVHS&E. “Alecto is just as committed to the quality of care that our hospitals have provided for more than a century in the Ohio Valley, and this partnership solidifies the future of these two great community hospitals.”
Regarding Alecto’s commitment to provide high quality care, Alecto CEO Lex Reddy said, “The key to success at all of our hospitals is open communication with physicians, employees, volunteers, and the community. That is the only way to achieve our goal of improving patient access to high quality healthcare and sustaining these community hospitals.”
More articles on transactions and valuations:
US News: More children’s hospitals aligning to provide better care
Edward-Elmhurst Health acquires Illinois family medicine practice
Cheyenne Regional Medical Center declares intent to affiliate
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