Akron, Ohio-based Summa Health System and Cincinnati-based Catholic Health Partners have approved a letter of intent to create a "strategic partnership," pending final negotiations.
Under the deal, Summa Health will retain majority ownership and local control of its facilities, and CHP will become a minority owner, though its stake in Summa Health was undisclosed.
The deal is expected to be finalized by the middle of this year. The announcement comes more than seven months after Summa Health executives said the system would explore a partnership with another non-profit health system. Roughly 10 non-profit organizations were considered for the partnership, but Summa Health chose CHP due to their common initiatives, which include accountable care organizations, patient-centered medical homes and participation in CMS' bundled payment program.
"When we began this process, we were very clear that we would only enter into an agreement with a 
non-profit organization that shared our mission, vision and values," Tom Strauss, Summa Health president and CEO, said in a news release. "While there still is a great deal of work to be done during the next several months to finalize a partnership, I believe that CHP shares our view that the way healthcare is delivered in our nation must change."
CHP owns and operates more than 24 hospitals throughout Ohio and also runs its own health insurance plan, making it the largest health system in the state. In 2012, CHP recorded $3.8 billion in revenue and $302.8 million in profit. Summa Health has seven hospitals within its system and recorded more than $1.48 billion in revenue in 2011.
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