Philadelphia-based Penn Medicine, the parent organization of University of Pennsylvania Health System, has finalized an agreement to acquire Lancaster (Pa.) General Health.
Under the deal, Penn Medicine would provide for the healthcare needs of the LG Health community, and LG Health's assets would continue to be used to advance the health and well-being of that community, according to a news release.
In addition, LG Health's governance would continue under a board of trustees, consisting of volunteer business and community members, LG Health's CEO, and Penn Medicine representatives, the release reads. LG Health would also gain seats on Penn Medicine's board of trustees.
"Together, our aim will be to enhance access to cost-effective, high-quality care, and to strengthen our complementary teaching and research missions," LG Health President and CEO Thomas E. Beeman said in a statement.
The agreement finalizes discussions the systems started in October and will now be reviewed by state and federal regulatory agencies.
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