Abington (Pa.) Health and Philadelphia-based Thomas Jefferson University and Jefferson Health System have reached a definitive agreement to merge.
The systems began merger talks in November and recently finished a period of due diligence. The new company will encompass five hospitals, including a free-standing neuroscience hospital, over 19,000 employees and all of Thomas Jefferson University's schools, including nursing, pharmacy, and the Sidney Kimmel Medical College, one of the oldest medical schools in the nation.
The combined, nearly $3 billion company will be led by Dr. Steve Klasko, president and CEO of the Jefferson university and health system, while Laurence Merlis, Abington's president and CEO, will serve as senior executive vice president and chief operating officer. A board of trustees will be formed with equal representation from both systems, including two board members who have no history with either company.
The systems' leaders are touting it as a unique “hub-and-hub model,” in which Jefferson provides care in the city and Abington in the suburbs, under shared governance.
A branding study has been initiated to develop an identity for the new organization. State and federal regulators are expected to approve the deal later this year, according to a news release.
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