2013-04-05 – Edward Hospital, Elmhurst Memorial Sign Definitive Merger Agreement
Edward Hospital & Health Services and Elmhurst Memorial Healthcare today announced that the two healthcare providers have signed a definitive agreement, a major step toward a merger to become one of the larger integrated health systems in the state. Signing of the agreement keeps the merger on track to be completed this summer.
The definitive agreement is a contract that includes the terms and conditions of the new system. The agreement commits Edward and Elmhurst Memorial to becoming an integrated health system pending review of certain aspects of the merger by regulators during the next few months. The merger has already cleared a standard federal antitrust review by the Federal Trade Commission and the Antitrust Division of the Department of Justice. The Illinois Health Facilities and Services Review Board will review the merger in the coming months.
The merger will create a three-hospital health system – Edward, Elmhurst Memorial and Linden Oaks at Edward – with revenues of more than $1 billion and more than 50 locations across a service area of 1.7 million residents. The system would employ nearly 7,700 and have more than 1,680 physicians on staff.
Edward and Elmhurst Memorial leaders have begun working on transition plans for the new health system that, upon completion of the merger, will:
Improve coordination of care and quality in the region as Edward and Elmhurst Memorial medical staff share best practices and clinical protocols.
Build upon our relationships with affiliated and independent physicians. Edward Medical Group and Elmhurst Memorial’s affiliated practices, including Elmhurst Clinic, LLC, will remain of key strategic importance as will hundreds of independent physicians at both entities including DuPage Medical Group practitioners. We also plan to continue partnerships with other major physician groups such as Advocate Midwest Heart Specialists which has a large presence at Elmhurst and Edward.
Improve access to clinical services. While Edward and Elmhurst each have a broad range of high-quality service offerings, we plan to complement and grow our service offerings and locations throughout the region in an efficient manner that best serves the needs of the community.
Create opportunities for efficiency. With shrinking reimbursement for hospitals, healthcare reform demands that we become more efficient to lower healthcare costs.