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Pennock Health Services to become part of Spectrum Health

Hastings, Mich.-based Pennock Health Services will integrate into Grand Rapids, Mich.-based Spectrum Health effective May 1.

The two organizations have approved a deal where PHS will become a Spectrum Health hospital known as Spectrum Health Pennock. As part of the deal, Spectrum Health has agreed to make a $46 million capital commitment over a 10-year period and continue current essential services for at least 10 years.

Spectrum Health has also agreed to contribute $10 million to the Pennock Foundation, which will integrate with the Spectrum Health Foundation, and has committed to a nine-month master facility planning process for Pennock's new hospital project, according to a news release.

"We remain committed to providing a seamless circle of patient care by offering greater access to physician services," Sheryl Lewis Blake, CEO of Pennock Health Services, said in a statement. "The connection with Spectrum Health provides an opportunity to increase services locally, while facility and technology replacements are enhanced by the economies of scale achieved by integrating with a larger system."

Spectrum Health is comprised of 11 hospitals, 170 ambulatory and service sites, 1,200 physicians and advanced practice providers including members of Spectrum Health Medical Group, and Priority Health, a health plan with more than 600,000 members. 

 

 

More articles on hospital transactions and valuation issues:

Memorial Hermann acquires Houston Orthopedic and Spine Hospital

Hackensack University Health Network, Englewood Hospital and Medical Center announce affiliation

Slidell Memorial Hospital, Ochsner Health System to form partnership

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