Tacoma, Wash.-based MultiCare Health System and Yakima (Wash.) Valley Memorial reached an acquisition agreement, according to an Oct. 21 news release shared with Becker's.
Terms of the agreement include Memorial becoming a wholly owned subsidiary of MultiCare, MultiCare investing in new programs, implementing an integrated electronic health record, and providing a sustainable future for Yakima's only hospital.
Yakima Valley Memorial is a nonprofit health system that includes a 226-bed hospital, primary care practices, and specialty care services, including the only level-3 neonatal intensive care unit in the central part of the state. MultiCare is a nonprofit healthcare system and the largest locally governed health system in the state, with 11 hospitals and hundreds of clinics, according to the release.
Yakima Valley Memorial has provided care for patients in the region for 72 years, according to hospital CEO Carole Peet, MSN, RN.
"This agreement will strengthen our ability to provide robust primary and specialty care services to this community for decades to come. We are excited to join MultiCare and look forward to what our combined resources will offer the people of the Yakima Valley," Ms. Peet said.
The transaction is subject to routine regulatory approval and closing conditions.