Renton, Wash.-based Providence Health & Services and Seattle-based Swedish Health Services will join to form a new, unique non-profit system, according to a joint news release.
While Providence and Swedish will combine their individual hospitals under one umbrella, each system will maintain its individual identity. Providence will keep the Providence name and its Catholic mission, while Swedish will keep its name and remain a non-religious organization.
The two systems have signed a memorandum of understanding and are now working on the details of the proposed organization.
"Through this unique operating arrangement, we are able to preserve each organization's heritage and local operations, while providing a better and more affordable level of patient care across both organizations," John Koster, MD, Providence Health & Services president and CEO, said in the release. "We had to think beyond merger or acquisition to accomplish this, and this affiliation is really the best of both worlds."
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While Providence and Swedish will combine their individual hospitals under one umbrella, each system will maintain its individual identity. Providence will keep the Providence name and its Catholic mission, while Swedish will keep its name and remain a non-religious organization.
The two systems have signed a memorandum of understanding and are now working on the details of the proposed organization.
"Through this unique operating arrangement, we are able to preserve each organization's heritage and local operations, while providing a better and more affordable level of patient care across both organizations," John Koster, MD, Providence Health & Services president and CEO, said in the release. "We had to think beyond merger or acquisition to accomplish this, and this affiliation is really the best of both worlds."
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