Jefferson and Einstein Healthcare Network inked a definitive agreement to merge, the Philadelphia-based organizations announced Sept. 14.
Here are five things to know:
1. With the signing of the definitive agreement, Einstein and Jefferson will move forward in obtaining regulatory approval for the deal.
2. Under the agreement, the organizations will commit to a shared governance model. Einstein will designate an equal number of members to the expanded Thomas Jefferson University board.
3. Once the integration is complete, Einstein Healthcare Network President and CEO Barry R. Freedman will remain in his role and add the title of executive vice president at Jefferson Health. Stephen Klasko, MD, president of Thomas Jefferson University and CEO of Jefferson Health, will also remain in his roles. Bruce Meyer, MD, will take on the position of president of the combined organization's clinical enterprise.
4. The organizations signed a nonbinding letter of intent to merge in March.
5. "This merger combines two organizations that together are even financially stronger — with the collective resources we can devote to address the needs of the community and patients we serve in areas with very diverse healthcare needs," Dr. Klasko told Becker's Hospital Review in a prepared statement Sept. 14.