University of Chicago Medicine and AdventHealth began 2023 with closure of their joint venture, leaving UChicago Medicine with controlling interest in four AdventHealth hospitals in Illinois.
The organizations announced plans for the joint venture in September 2022. Under the agreement, which took effect Jan. 1, 2023, UChicago Medicine gains a controlling interest in AdventHealth's Great Lakes Region, which includes four hospitals in Chicago's western suburbs of Bolingbrook, Glendale Heights, Hinsdale and La Grange and a network of nearly 50 physicians' offices and outpatient sites.
Altamonte Springs, Fla.-based AdventHealth retains the remaining ownership and will continue to manage daily operations of all facilities, which will be co-branded UChicago Medicine AdventHealth. Both UChicago Medicine and AdventHealth will maintain their separate system-level governance and administrative structures.
"The biggest benefit of this partnership is to patients," Tom Jackiewicz, president of the University of Chicago Medical Center, said in the news release. "AdventHealth Great Lakes' patients now will have seamless access to UChicago Medicine's specialty and subspecialty care and the latest clinical trials without the commute."
The joint venture is the latest extension of UChicago Medicine from city to suburb. The academic health system is also developing the city's first freestanding comprehensive cancer facility on its medical campus on the South Side and a multispecialty ambulatory center in Crown Point, Ind.