Highmark and Saint Vincent officials still must sign a final agreement, and Pennsylvania must approve the deal as well. As part of the proposed deal, Highmark will invest $20 million into Saint Vincent for general financial purposes and another $5 million for capital projects. Saint Vincent will also receive $40 million over the next three years to improve existing facilities and expand in the region.
The Pennsylvania Insurance Department approved the affiliation between Highmark and Pittsburgh-based West Penn Allegheny Health System in April, which spawned the creation of Allegheny Health Network. Jefferson Regional Medical Center, a 370-bed hospital in Jefferson Hills, Pa., was the first to join Highmark’s system in March.
More Articles on Hospital Transactions:
West Penn Bond Ratings Fluctuate Following Highmark Deal
Highmark-West Penn Merger Receives Pennsylvania Approval
Is Bigger Always Better? Exploring the Risks of Health System Mega-Mergers
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