Marshfield Clinic Health System Monday agreed to buy Ascension's Ministry St. Joseph's Hospital in Marshfield, Wis., allowing the giant physician group to gain a hospital without having to build one.
Marshfield's 800 physicians see the vast majority of patients at the 220-bed hospital. About 300 Marshfield physicians have privileges at St. Joseph's, said Marshfield spokesman John Gardner.
The multi-specialty group was considering building a hospital in Marshfield that would have competed against St. Joseph's before the two sides agreed to a letter of intent announced a year ago, Marshfield CFO Gordon Edwards said in January.
Terms of Monday's definitive agreement were not disclosed.
Catholic-sponsored Ascension, the nation's largest not-for-profit hospital company, said Marshfield is in a good position to continue enhancing the healthcare needs of the communities around Marshfield.
“We determined that the best approach is for St. Joseph's to become part of Marshfield Clinic,” said Bernie Sherry, ministry market executive of Ascension Wisconsin.
Sherry said Ascension would continue to expand its services into other north central Wisconsin communities.
Ascension from time-to-time prunes its 141-hospital portfolio, Ascension CEO Tony Tersigni said in a recent interview.
Last week the Idaho attorney general approved the sale of Ascension's St. Joseph Regional Medical Center to RCCH HealthCare Partners, a for-profit hospital chain formed through the merger of RegionalCare and Capella Healthcare.
Marshfield is a large physician group that has been slowly diversifying into acute-care. Ministry St. Joseph's Hospital is expected to add about $350 million in revenue to the $2 billion attained every year by Marshfield.
CEO Susan Turney in January called the health system's path a “reverse migration” into inpatient care.
Marshfield also is building a 44-bed hospital in Eau Claire, Wis. It acquired its first hospital in Wisconsin in 2008.
