A Roman Catholic healthcare system and a teaching hospital, both based in Wisconsin, have announced plans to consolidate to create a new system.
The soon-to-be partners are four-hospital Covenant Healthcare System, West Allis, Wis., and 472-bed Froedtert Memorial Lutheran Hospital, Milwaukee.
The two said last week that they had signed a memorandum of understanding to proceed with what they are calling an "affiliation." They haven't determined the final structure of the deal.
The transaction is expected to be completed in 90 to 120 days, said Steve Pinzer, Covenant spokesman.
Covenant is sponsored by the Wheaton (Ill.) Franciscan Sisters and the Chicago-based Felician Sisters. Covenant's parent company is Wheaton Franciscan Services, which owns or is affiliated with 18 hospitals.
Froedtert is a not-for-profit teaching hospital affiliated with the Medical College of Wisconsin in Milwaukee.
William Petasnick, president and chief executive officer of Froedtert, will be at the helm of the proposed new system, said Mark McLaughlin, a Froedtert spokesman.