Loyola University Chicago has signed a letter of intent to sell its medical center complex to the Catholic hospital operator Trinity Health in Novi, Mich., according to a Chicago Tribune report.
The University will no longer provide clinical care, but will maintain its educational and research facilities. Trinity's acquisition will provide $150 million to finance a new medical research center at the University.
Economic pressure and healthcare reform's demands for increased efficiency partly motivated Loyola's decision to sell to Trinity Health, according to the report.
Trinity Health owns 46 hospitals and nets over $7 billion in annual revenue.
Read the Chicago Tribune report on Loyola University Chicago.
Read more coverage on Loyola University Health System:
- Chicago's Resurrection Health Care and Provena Health to Explore Merger
- Illinois' Loyola University Health Seeks Catholic Partner
- Illinois' Loyola University Health Considers Merger
The University will no longer provide clinical care, but will maintain its educational and research facilities. Trinity's acquisition will provide $150 million to finance a new medical research center at the University.
Economic pressure and healthcare reform's demands for increased efficiency partly motivated Loyola's decision to sell to Trinity Health, according to the report.
Trinity Health owns 46 hospitals and nets over $7 billion in annual revenue.
Read the Chicago Tribune report on Loyola University Chicago.
Read more coverage on Loyola University Health System:
- Chicago's Resurrection Health Care and Provena Health to Explore Merger
- Illinois' Loyola University Health Seeks Catholic Partner
- Illinois' Loyola University Health Considers Merger