ValleyCare Health System of Ohio announced today it will soon become affiliated with Steward Health Care LLC through an acquisition agreement that includes the sale of the hospital and its associated assets.
A total of eight hospitals are being sold as part of the agreement. ValleyCare Health System of Ohio’s three hospitals include Northside Medical Center in Youngstown, Trumbull Memorial Hospital and Hillside Rehabilitation Hospital in Warren.
In addition, there are two hospitals in Pennsylvania, Sharon Regional Health System in Sharon, and Easton Hospital in Easton; and three in Florida, Wuesthoff Health System in Melbourne and Rockledge, and Sebastian River Medical Center in Sebastian.
Steward Health Care operates a network of nine community hospitals in eastern Massachusetts, along with Steward Medical Group and the Steward Health Care Network.
Steward Health Care was established when Cerberus Capital Management, a N.Y.-based private-equity firm, bought the Caritas Christi Health Care system in 2010 and converted it to a for-profit company and renamed it Steward Health Care System.
“Our hospital plays a crucial role in providing convenient and quality health care for our patients,” said John Walsh, chief executive officer of Trumbull Memorial Hospital. “Steward Health Care will help us maintain our critical position as an anchor institution and employer in the community.”
The purchase agreement includes a commitment from Steward Health Care to offer employment to all active employees in good standing when the transaction is complete. Privileges will continue for all physicians in good standing on the medical staff.
“We are looking forward to affiliating with ValleyCare Health System of Ohio,” said Steward Executive Vice President for Physician Services Michael Callum, M.D.
“We think our community-based model of providing the highest quality of care in a local setting is an exceptional fit with the high level of care and community support that ValleyCare Health System of Ohio has been providing. We look forward to continuing and furthering that strong community focus and we are excited to work with hospital leaders in the coming months to ensure a smooth transition for ValleyCare Health System of Ohio staff and patients.”
The transaction is expected to close in the second quarter of this year, subject to customary regulatory approvals and closing conditions. Until the transaction is complete, current ownership remains in place.
About Steward Health Care – Steward Health Care is the largest fully integrated health care services organization and community hospital network in New England. Headquartered in Boston, Steward is one of the five largest employers in Massachusetts with more than 17,000 employees in more than 150 communities. Steward is comprised of Steward Medical Group, Steward Health Care Network, and Steward Hospital Group. Steward’s Hospital Group includes Norwood Hospital, Saint Anne’s Hospital in Fall River, Mass.; St. Elizabeth’s Medical Center in Brighton, Mass.; Carney Hospital in Dorchester, Mass.; Good Samaritan Medical Center in Brockton, Mass.; Nashoba Valley Medical Center in Ayer, Mass.; Holy Family Hospital in Haverhill, Mass.; and Methuen, Morton Hospital in Taunton, Mass.; and New England Sinai Hospital in Stoughton, Mass.
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