Here we go with more mergers and acquisitions. Ascension was in the news of late related to the Accretive Healthcare situation in Minnesota as they are also clients of theirs and recently signed a new agreement with the company.
Ascension Health Renews Its 5 Year Contract with Accretive With Caution as Agreement Includes Provisions to Cancel Should Any Type of Abuse Occur
Now with the acquisition with Marian Health they pick up 36 more hospitals and 150 clinics to add to their 80 hospitals they have now. It has to be reviewed for any anti-trust issues yet, standard operating procedures there. A while back they partnered with a private equity firm to do just this, buy other hospital systems and according to this article Ascension has $20 billion in assets.
Ascension Health and Private Equity Firm Oak Hill Capital Form Joint Venture To Buy Catholic Hospitals and Health Systems
In addition, earlier this year Ascension signed a partner agreement with Dr. Shetty in the Cayman Islands as that hospital begins construction and Oak Hill was right in there as well, so some day perhaps they will be in the medical tourism business too. Will the Catholic religious affiliation remain, I guess that’s a good question right now and time will tell. The Cayman Islands too are a big off shore “reinsurance” location which is hard for the US to govern as many insurers, to include Aetna have something going there. The reinsurance deal unless it has grown that Aetna has is small though.
Marian Health System is the parent company of Ministry Health Care so the daisy chain of ownership grows, as Ministry took over Affinity Health systems in February. BD
Ascension Health Alliance, the parent organization of Ascension Health, announced an agreement today to acquire Tulsa, Okla.-based Marian Health System, which operates 36 hospitals and 150 clinics in the Midwest.
Marian Health would continue to lead three regional health systems in Wisconsin, Minnesota, Oklahoma, and Kansas that would become part of Ascension Health, according to a spokesman for the Edmundson-based health system.
“It’s a merger. They will become part of Ascension Health,” said Ascension Health spokesman Steve LeResche. “The specific terms are confidential.”
Ascension Health, the nation’s largest Catholic and nonprofit health system, operates about 80 U.S. hospitals with more than 17,000 patients, and reported nearly $20 billion in assets and about $16 billion in revenue in fiscal year 2011. The acquisition is also certain to be reviewed by antitrust regulators. Hospitals systems must submit details about a planned merger or acquisition to the Department of Justice and the Federal Trade Commission if the transaction value is at least $68.2 million.