St. Vincent Hospitals and Health Services, based in Indianapolis, is linking with 220-bed Saint Joseph Hospital and Health Center in Kokomo, Ind., about 50 miles north.
Both belong to St. Louis-based Daughters of Charity National Health System, which approved the consolidation last month.
St. Vincent operates four acute-care hospitals in Indiana with 715 beds, a 54-bed mental health center and a primary-care network of 82 physicians.
The hospital and system filed articles of incorporation late last month to create a new parent corporation in which they will share governance and ownership. They will not consolidate operations but will share capital and information systems. Other hospitals will be invited to join.
For the fiscal year ended June 30, 1997, Saint Joseph had net income of $4.2 million on revenues of $56.6 million. For the same period, St. Vincent reported net income of $28.9 million on revenues of $439.1 million. Saint Joseph counts total assets of $81.7 million; St. Vincent has $431.2 million in assets.