Danville, Pa.-based Geisinger Health System has acquired Commonwealth Medical College, based in Scranton, Pa., offering the system a pipeline to future doctors.
Geisinger, which currently employs about 30,000, will retain all 1,200 faculty members at Commonwealth, which has approximately 200 students who are recruited from local communities. The system will also support operating costs and expansion at the institution.
When asked about financial terms of the deal, Dr. Steven Scheinman, dean of the college, said “it is not possible to attach a specific dollar figure to this commitment, but it is very substantial.”
The acquisition not only gives Geisinger an opportunity to train future doctors but “retain and recruit” physicians, said Geisinger CEO Dr. David Feinberg.
The 12-hospital system recently said it is trying to fill 1,500 open positions for physicians, nurses, clinicians and other support staff. Geisinger currently has a medical residency program with about 500 doctors, and some graduates of Commonwealth Medical have already begun enrollment in the program, Feinberg said.