Franciscan Health System in Tacoma, Wash., has completed its acquisition of Harrison Medical Center in Bremerton, Wash.
Financial terms of the deal, which has been ongoing since last October, were not disclosed. Harrison is now the seventh hospital with Franciscan's system. Most recently, Franciscan added Highline Medical Center in Burien, Wash.
The affiliation became official last week after state and federal regulatory agencies gave the go-ahead. Although Franciscan is a Catholic-based network — and part of Englewood, Colo.-based Catholic Health Initiatives — the 297-bed Harrison will remain a secular, nonprofit hospital.
In a July interview, Franciscan CFO Mike Fitzgerald said the system's current run of transactions are representative of an industry trying to cope with new financial realties under healthcare reform.
"Generally across the country, most areas have seen drops in patient volume, and that's put an added pinch on financial operations and trying to remain financially viable," Mr. Fitzgerald said. "Decreasing demand has led hospitals to seek partners where previously maybe they didn't need to."
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