Toledo, Ohio-based ProMedica has reportedly begun the process to acquire Toledo-based HCR ManorCare, the second-largest post-acute and long-term care provider in the U.S., according to The Daily Reporter.
Here are four things to know:
1. ProMedica will acquire HCR ManorCare through a joint venture agreement with healthcare-focused real estate investor Welltower. The companies announced the acquisition in April.
2. As part of the deal, all of HCR ManorCare's 450 facilities and 40,000 employees will be integrated into the ProMedica system. If the deal is finalized, ProMedica would become the 15th largest health system in the nation, with $7 billion in revenue and more than 70,000 employees across 30 states.
3. Welltower told The Daily Reporter the organizations will enter into a 15-year leasing agreement if the transaction is finalized.
4. ProMedica President and CEO Randy Oostra, DM, said in a statement the purpose of the acquisition is to "take down the wall between traditional hospital and post-acute services in an effort to enhance the health and well-being of our aging population. The lines are blurring between where healthcare begins and stops. This acquisition provides us the platform to think differently about health and aging."