Ascension Health, St. Louis, is getting back to basics.
The nation's largest not-for-profit healthcare system has sold Partners First, a managed care- and practice management-consulting business started in 1996 by the Daughters of Charity National Health System, one of Ascension's founding systems. Terms were not disclosed.
The sale of Partners comes one month after Ascension announced an organizational restructuring and three months after a new chief executive officer took over at the system, which owns or operates 71 hospitals. However, talk about Partners' future predates both of these actions.
Ascension sold Partners, which is headquartered in St. Louis, in two parts to two consulting firms in separate deals.
The first deal closed March 1 when Health Evolutions, an Indianapolis-based consulting firm, bought Partners' managed-care consulting business for undisclosed terms. The second deal-to sell Partners' physician practice-management and knowledge-management business to Healthcare Compensation Strategies, a Minneapolis-based consulting firm-is expected to close shortly.
Partners reported annual revenue of $4.5 million and 18 employees, all but two of whom will go to work for the new owners, said Kevin Conlin, Partners' president and CEO, who is not staying on with either company.
Conlin said Partners wasn't profitable, but he declined to provide specific financial figures.
For HCS, buying part of Partners allows HCS to expand its practice management capabilities. HCS is a division of Clark/Bardes, a publicly traded company specializing in executive compensation and benefits consulting in suburban Chicago.