Citing the triple aim — better health outcomes, improved patient care and reduced costs — Covington, Ky.-based St. Elizabeth Healthcare and Cincinnati-based TriHealth signed a letter of intent to create a joint venture organization.
Under terms of the deal, St. Elizabeth Healthcare and TriHealth will jointly own the new group, Healthcare Solutions Network. HSN will be a regional health organization coordinating care through physician alignment and partnerships with local employers and payers.
The systems said the transaction is neither a merger nor an acquisition. HSN is a joint venture only. TriHealth CEO John Prout and St. Elizabeth Healthcare CEO John Dubis will lead HSN as co-CEOs.
Together, in the first year, St. Elizabeth Healthcare and TriHealth will create a new Medicare Advantage plan, build a common infrastructure for employed and independent physicians, develop a population health management program and adopt best practices across several service lines.
"We recognize healthcare is changing rapidly," Mr. Dubis said in a news release. "It's imperative to be able to accelerate ways to streamline patient care, improve quality outcomes and help eliminate or lower unnecessary costs. This kind of innovative teamwork is needed to accomplish these goals."
St. Elizabeth is comprised of six acute-care hospitals with almost 1,200 licensed beds. TriHealth, an affiliate of Englewood, Colo.-based Catholic Health Initiatives, has four acute-care hospitals and an expansive ambulatory network throughout the Cincinnati metropolitan area.
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