A merger between Stevens Hospital in Edmonds, Wash., and Seattle's Swedish Health Services will give Stevens Hospital as much as $6 million a year for health programs, according to a Daily Herald report.
Much of the income will come from $7.2 million in annual hospital lease payments from Swedish, although Stevens said it plans to spend only $4-$6 million annually in the interest of frugality.
Decisions on spending will be made by the five elected board members of Stevens Hospital, who will transition to leading the organization like a foundation. The public will also have the chance to give input on how the hospital's money should be spent.
If approved by the state department of health, Swedish Health Services will begin managing Stevens on Sept. 1.
Read the Daily Herald report on the Stevens Hospital merger.
Read more coverage on recent mergers and acquisitions:
-Cleveland Clinic Partners With Suburban Hospital in Illinois
-Two Michigan Hospitals Formally Affiliate to Create Superior Health Partners
Much of the income will come from $7.2 million in annual hospital lease payments from Swedish, although Stevens said it plans to spend only $4-$6 million annually in the interest of frugality.
Decisions on spending will be made by the five elected board members of Stevens Hospital, who will transition to leading the organization like a foundation. The public will also have the chance to give input on how the hospital's money should be spent.
If approved by the state department of health, Swedish Health Services will begin managing Stevens on Sept. 1.
Read the Daily Herald report on the Stevens Hospital merger.
Read more coverage on recent mergers and acquisitions:
-Cleveland Clinic Partners With Suburban Hospital in Illinois
-Two Michigan Hospitals Formally Affiliate to Create Superior Health Partners