Executives at both Geisinger and Holy Spirit Health System will now conduct due diligence, which they expect to take six to nine months. Geisinger is a secular health system, while Holy Spirit Health System is Catholic. Financial terms of the potential deal were not disclosed.
Holy Spirit Health System President and CEO Sister Romaine Niemeyer said in a news release that the organization needed to plan for the future, “especially as healthcare reform has rapidly changed how care is insured, funded and delivered.” According to the most recent Form 990 on Guidestar, filed under Holy Spirit Hospital, the organization recorded $294.1 million in total revenue and $8.7 million in profit in fiscal year 2011. However, expenses rose almost 10 percent between 2010 and 2011.
Holy Spirit Health System has more than 2,900 employees and 500 physicians. The 315-bed Holy Spirit Hospital is its flagship facility. Geisinger is a prominent, physician-led integrated delivery system with six hospital campuses. It has aggressively expanded throughout Pennsylvania and has another transaction currently pending. In June, Geisinger and Lewistown (Pa.) Hospital signed a definitive agreement to merge.
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