Meridia Health System approved a definitive agreement late last week to merge with Cleveland Clinic Foundation. The merger is expected to close by early May, pending antitrust clearance.
Meridia, based in Mayfield Village, Ohio, has four hospitals in eastern Cuyahoga County and is considered to be among Cleveland area's premier community providers. A Meridia spokeswoman said no hospital will close as a result of the merger, but combining services will be considered.
The foundation is also negotiating with Lakewood (Ohio) Hospital and two-hospital Fairview Health System in Cleveland. The completion of those deals will unite nine hospitals and more than 40% of the inpatient beds in the county under Cleveland Clinic Health System.
Meridia decided to pursue a deal with the clinic in October after rejecting proposals from University Hospitals Health System in Cleveland and two for-profits, Nashville-based Columbia/HCA Healthcare Corp. and Wayne, Pa.-based Primary Health Systems (Oct. 14, 1996, p. 10).
In 1995, Meridia reported net income of $11 million on revenues of $359 million and net assets of $215 million. The clinic foundation had revenues of $1 billion and assets of about $1.4 billion in 1995.