News release from St. Vincent’s Medical Center:
Ascension and its St. Vincent’s Medical Center in Bridgeport have signed a non-binding letter of intent with Hartford HealthCare for Hartford to acquire St. Vincent’s and all of its related operations.
St. Vincents’, with more than 3,200 associates, includes a licensed 473-bed community teaching hospital, a 76-bed inpatient psychiatric facility in Westport, a large multispecialty provider group, and St. Vincent’s Special Needs Services.
If the transaction is completed, Hartford HealthCare would continue to operate St. Vincent’s in compliance with Catholic traditions. The transaction would not include St. Vincent’s College or other mutually agreed-upon assets. “Our goal, in coordination with the Board of St. Vincent’s, has been to position St. Vincent’s so its associates, physicians and volunteers can continue to provide safe, high-quality healthcare to the Bridgeport and Fairfield County community,” said Patricia A. Maryland, Dr.PH, Executive Vice President of Ascension and President and Chief Executive Officer of Ascension Healthcare. “In our rapidly evolving healthcare environment, healthcare providers have a greater opportunity to successfully serve individuals and communities by working in clinically integrated systems of care. And Hartford HealthCare is Connecticut’s most comprehensive healthcare network.”
Hartford HealthCare, a fully integrated health system with more than 19,000 employees, includes acute-care hospitals, the state’s most extensive behavioral health network, a large multispecialty physician group, a regional home care system, an array of senior care services, a physical therapy and rehabilitation network, and an accountable care organization. “Hartford HealthCare would be privileged to partner with the people of St. Vincent’s who have done so much for their communities,” said Elliot Joseph, chief executive officer of Hartford HealthCare. “Together, we can provide even broader access to St. Vincent’s excellent care to residents of Fairfield County.”
The two organizations have a common vision of being most trusted for the care they provide and for meeting the healthcare needs of the community. “Importantly, Hartford HealthCare’s mission, vision and values are compatible with those of Ascension and St. Vincent’s,” said Dawn Rudolph, President and CEO. St. Vincent’s. “We are looking forward to reaching an agreement that reaffirms our commitment to serving the Fairfield County community. During this time, we know that all of our associates, physicians and volunteers remain committed to delivering the same type of safe, compassionate, personalized care our community has come to expect.” The completion of the transaction is subject to due diligence and receipt of all applicable governmental approvals