Summa Health and HealthSpan ended their investor relationship Jan. 1, three years ahead of its planned end date, according to the Akron Beacon Journal.
HealthSpan Partners received a 30 percent stake in Summa through a $250 million, 10-year deal the two Akron, Ohio-based organizations entered into in 2013, according to the report.
Regarding why Summa and HealthPartners ended the time-limited investment early, Summa President and CEO Cliff Deveny, MD, said the organizations are "moving in different directions." He cited the failed deal between Summa and Beaumont Health as a factor that spurred conversations about potentially ending the partnership with HealthSpan early.
Dr. Deveny said he appreciates the support the partnership provided Summa over the last 7 years.
"Our partnership with HealthSpan began in 2013 as a 10-year agreement, and we have enjoyed a collaborative relationship that has been of benefit to both organizations," Dr. Deveny stated, according to the Akron Beacon Journal. "We are a stronger organization today as a result of the partnership, and I am appreciative of the support we have received during the past seven years."
Read the full Akron Beacon Journal article here.