Merger | Froedtert Health and ThedaCare

To assess the degree of similarity between the two health systems, Froedtert Health & ThedaCare, we conducted an analysis of the largest hospital in each system—Froedtert Memorial Lutheran Hospital and Theda Regional Medical Center Appleton. The analysis reveals that Froedtert Memorial Lutheran Hospital and Theda Regional Medical Center Appleton have a SimilarityIndex™ M&A Score of 70.90, or a distance of 29.10. Said differently, using Froedtert Memorial Lutheran Hospital as the index hospital, Theda Regional Medical Center is the 1018th most similar hospital out of the 2,299 hospitals in the national analysis, revealing that there are many other hospitals that are operationally, financially and competitively more similar. An M&A strategy driven by clinical, operational, and financial similarity would lead to different partners for each system. Froedtert Memorial Lutheran and ThedaCare RMC Appleton data are sourced from FY2021 Cost Reports.