Summa Health System, Akron, Ohio, will assume the assets of its affiliate Wadsworth-Rittman Hospital in nearby Wadsworth, Ohio, pending approval of Ohio Attorney General Marc Dann.
Last November Summa sealed an affiliation agreement with 67-bed Wadsworth-Rittman that stopped well short of a transfer of ownership. What it was going to look like, back in November, nobody really knew, Summa spokesman Mike Bernstein said, adding that both agreed it was important for opportunities to take it to the next level. The asset transfer, with an agreement signed earlier this month, involves no payment or assumption of debt, Bernstein said. The system has, however, promised to invest in the facility and as soon as the deal closes, probably June, with immediate plans for a $7.5 million expansion of Wadsworth-Rittmans emergency department and ICU, he said.
A not-for-profit corporation called Wadsworth Rittman Hospital Association operates the hospital and will continue to do so, though its board will report to Summas, Bernstein said.
Wadsworth-Rittman would be Summas fifth owned hospital, and the system has a joint-operating agreement with a sixth. -- by Gregg Blesch
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