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Presence Health Creation Cost Provena, Resurrection $18.4M in Merger Costs

Chicago-based Provena Health and Resurrection Health Care Corp. have spent a combined $18.4 million on their merger, which formed Presence Health, the second largest hospital network in the Chicago area, according to a Crain's Chicago Business report.

The transaction between the two organizations brought them unique merger costs, including high consulting fees and severance payments to employees whose positions were eliminated to cut costs, according to the report. Resurrection has spent $8.1 million on merger costs, and Provena has spent nearly $10.3 million.

According to the report, Resurrection declined to comment on the merger costs, but said the health system is on track to achieve a target of $56 million in savings in 2012.

More Articles on Hospital Transaction Costs:

Law Firm to Pay $6M Settlement Over Faulty Bert Fish Medical Center Merger
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