Ascension has signed a letter of intent to sell St. Vincent's Medical Center to Hartford HealthCare, the organizations announced Tuesday.
Bridgeport, Conn.-based St. Vincent's includes a 473-bed community teaching hospital, a 76-bed inpatient psychiatric facility, a large multispecialty provider group and a special needs services arm. It employs more than 3,200 associates.
If the transaction closes after customary regulatory reviews, St. Vincent's would continue to operate in compliance with Catholic traditions.
"Our goal, in coordination with the board of St. Vincent's, has been to position St. Vincent's so its associates, physicians and volunteers can continue to provide safe, high-quality healthcare to the Bridgeport and Fairfield County community," Patricia Maryland, vice president of Ascension and president and CEO of Ascension Healthcare, said in a statement. "In our rapidly evolving healthcare environment, healthcare providers have a greater opportunity to successfully serve individuals and communities by working in clinically integrated systems of care. And Hartford HealthCare is Connecticut's most comprehensive healthcare network."
Hartford HealthCare is a not-for-profit integrated health system with six acute-care hospitals, a large physician group, a regional home care system, a physical therapy and rehabilitation network, and an accountable care organization.
The acquisition aligns with what Ascension has been hinting at in its new strategic direction, presented just last week to employees of the nation's largest Catholic system.
Ascension CEO Anthony Tersigni told Modern Healthcare in an exclusive interview Monday that as it continues to look for ways to decrease its hospital footprint, the company aims to partner with other providers that own post-acute networks, home health divisions, ambulatory facilities and other assets to better coordinate care.