Henry Ford Health and Ascension Michigan are entering a joint venture, in which Henry Ford would essentially fold Ascension's sites of care in the southeastern region of the state under its brand.
Detroit-based Henry Ford and Ascension Michigan are submitting the agreement to state and federal regulatory agencies for review with aim for the transaction to close by summer 2024.
Here are 10 things to know about the joint venture, jointly announced by the systems on Oct. 18:
1. The JV organization will be branded Henry Ford Health, headquartered in Detroit.
2. Henry Ford President and CEO Bob Riney will lead the combined enterprise, and the board of directors will be "representative of both organizations," according to the joint news release shared with Becker's. Mr. Riney has led the health system as CEO since 2022 and been with the system since 1978, holding a number of executive roles in that time.
3. Carol Schmidt serves as ministry market executive of Ascension Michigan.
4. The JV organization will employ approximately 50,000 team members and include more than 550 sites of care.
5. All five of Henry Ford's acute care hospitals and other care facilities and assets, including Health Alliance Plan, will be included in the partnership.
6. The following 10 Ascension Michigan hospitals, in the southeastern region of the state, are covered by the JV:
Ascension Genesys Hospital
Ascension Macomb-Oakland Hospital and Warren, Madison Heights campuses
Ascension Providence Hospital and Novi, Southfield campuses
Ascension Providence Rochester Hospital
Ascension River District Hospital
Ascension St. John Hospital
7. Ascension Michigan's hospitals in the southwest and northern regions of the state will remain part of Ascension's national health ministry.
8. Both organizations will work to maintain the Catholic identity of the Ascension Michigan facilities.
9. "Together we can expand healthcare services and deliver innovations in care — from prevention and early detection through the treatment of complex conditions — to more people and communities across our state, including those who are most vulnerable," Mr. Riney, president and CEO of Henry Ford, said. "We share a deeply-rooted dedication to providing world-class healthcare that everyone deserves, regardless of geographic, demographic, or socioeconomic status."
10. "We are united in our shared values, cultures, and commitment to those we serve," Ms. Schmidt, ministry market executive of Ascension Michigan, said. "Together, we will make significant strides in improving the health of Michigan communities through unparalleled investments in critical community health initiatives, as well as contributing secure, high paying jobs and other related employment."