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Jefferson, Einstein Healthcare Network to explore merger

Jefferson Health and Einstein Healthcare Network, both in Philadelphia, signed a nonbinding letter of intent to merge, Jefferson Health confirmed to Becker's Hospital Review March 27.

Jefferson Health comprises 14 hospitals and 50-plus outpatient and urgent care locations, while Einstein Healthcare Network maintains three hospitals, approximately 1,000 licensed beds and 8,800-plus employees across its facilities.

With the move, Jefferson and Einstein Healthcare Network will set the stage for the creation of one of the region's largest residency programs, officials said.

The organizations will enter a period of due diligence, and will sign a definitive agreement should they choose to move forward.

"Einstein Health Network is the perfect match for our vision of an academic and health system 'with no address' where the patients and students are the boss. Einstein has a history of caring for the underserved, training health professionals of the future and embracing change and innovation which makes them the perfect partner for our trustees' goal of helping to create a healthcare innovation revolution in Philadelphia," Jefferson Health President and CEO Stephen K. Klasko, MD, said in a statement to Becker's Hospital Review March 27.

"Einstein represents an academic medical center with a 150-year history of caring for the underserved despite challenges in healthcare. [Einstein Healthcare Network President and CEO] Barry Freedman knows that urban hospitals still fill a unique role in their communities, despite many other hospitals packing up and heading for the suburbs. Einstein had many options for future partners and I'm glad they went with us," he continued.

More articles on transactions and valuations:
Vatican approves Cabell Huntington's acquisition of St. Mary's
Ascension to sell Connecticut hospital to Hartford HealthCare
11 recent hospital partnerships and transactions

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