Beth Israel Deaconess Medical Center said it plans to sign a letter of intent to acquire Jordan Health Systems, a not-for-profit organization that owns a 155-bed hospital in Plymouth, Mass.
Jordan had previously established an affiliation with Tufts Medical Center
in 2010. Both Beth Israel Deaconess Medical Center and Tufts Medical Center are based in Boston.
In a joint new release, Jordan Health Systems President and CEO Peter Holden
said the system conducted a review of “several affiliation agreements” before choosing the 621-bed Beth Israel Deaconess Medical Center. The organizations said they plan to begin a due-diligence process immediately.
“This decision was not just about finances,” Clark Hinkley, chairman of Jordan's board of trustees, said in the news release. “It was about finding a healthcare affiliation that gives us the scale we need to compete in an ever-changing environment and ensure that local care will stay just that … local. By joining BIDMC, we will gain long-term financial stability without sacrificing who we are and what we believe in.”
As part of the agreement, Beth Israel Deaconess Medical Center would become the sole corporate owner of Jordan Health Systems, which would retain its management and board governance. Financial terms of the agreement have not yet been reached, a Beth Israel Deaconess spokesman said.
Jordan Health Systems also owns Cranberry Hospice, Jordan Health and Wellness Center and the Affiliated Medical Practice of Jordan Hospital, the hospital's physician group.
The Massachusetts hospital market was home to a number of mergers and acquisitions in 2012. Beth Israel Deaconess last year acquired Milton Hospital
, an 82-bed facility with which it had shared a clinical affiliation.