Toledo, Ohio-based ProMedica has signed a definitive asset purchase agreement with Insight Health System, under which Insight will acquire Coldwater (Mich.) Regional Hospital.
Flint, Mich.-based Insight plans to keep current Coldwater Regional Hospital President Dan Schwanke and the remainder of the current leadership team intact. Insight and ProMedica will also establish a joint planning team to ensure a smooth transition.
The transaction is expected to be completed by Nov. 1, a spokesperson for ProMedica told Becker's.
"We are grateful to ProMedica and Coldwater Regional Hospital leadership teams for their dedication and commitment to ensuring a smooth transition over the coming months," Insight Chief Strategy Officer Atif Bawahab said in a Sept. 16 news release.
The health system is also taking over interim management of two Ohio hospitals — Warren-based Trumbull Regional Medical Center and Hillside Rehabilitation Hospital — from Dallas-based Steward Health Care. Steward initially shared that the hospital was set to close on or around Sept. 20.
Jawad Shah, MD, founder of Insight, said the organization's goal is to keep the doors open at both hospitals and maintain access to care.
"As a clinician-led organization, we are committed to providing stability and quality care that this community deserves as we turn a new chapter," Insight said in a Sept. 13 statement. "We are grateful to all the doctors, nurses and staff for their continued dedication, strength and collaboration through the transition and we look forward to a longstanding partnership with this community."
Insight operates eight hospitals — five of which are nonprofit — across Michigan, Ohio, New Jersey, Iowa and Illinois, where it acquired Chicago's 414-bed Mercy Hospital in 2021. Insight kept the hospital out of foreclosure, reestablished its emergency department and expanded service lines in areas including behavioral health, maternal health, neurosurgery and cardiology.