Aria Health System and Jefferson — a newly formed organization that includes Thomas Jefferson University and Jefferson Health — have entered into a definitive agreement, which lays out the terms of how the two Philadelphia-based systems will integrate.
Aria and Jefferson signed a letter of intent to facilitate discussions toward combining their organizations in October. The Aria Health board of directors and the Thomas Jefferson University board both voted unanimously to authorize the signing of the letter of intent after a two-year strategic planning process.
Under the definitive agreement, Aria will be designated as a regional referral site, and Jefferson will fully support Aria's mission to serve its community.
With the definitive agreement signed, both health systems will seek regulatory review of the deal. The transaction is expected to be completed in late spring.
"As we get to know our counterparts at Jefferson, we see more clearly every day that Aria and Jefferson are a great fit, with similar cultures in terms of service, quality and commitment to patients, physicians and employees," said Kathleen Kinslow, president and CEO of Aria Health. "Our goal is to transform healthcare across the region for the benefit of patients, delivering the right care at the right time in the right place."
More articles on healthcare industry transactions:
5 recent hospital transactions and partnerships
Prospect finalizes deal to acquire Crozer-Keystone Health
CHS pushes back date for 38-hospital spinoff