Atlantic Health System aims to become the majority corporate member of CentraState Healthcare System, the not-for-profit New Jersey health systems announced Monday.
Under the proposed deal outlined in the letter of intent, which would require state and federal approval, both systems would hold seats on a single CentraState governing board, each with specific rights and responsibilities, executives said. It would build on their clinical affiliation in oncology and neuroscience.
"Having worked closely over the past few years with the CentraState team, we feel fortunate for this opportunity to combine our talents and resources to deliver high-quality, affordable and accessible care for patients across the state," Atlantic CEO Brian Gragnolati said in prepared remarks.
The boards of both systems approved a five-year plan that would strengthen CentraState's integrated clinical services, physician network and infrastructure through significant capital investments, executives said. While ownership of assets wouldn't change, the still independent entities would essentially operate under a parent-subsidiary-type structure.
Freehold, N.J.-based CentraState comprises a 284-bed acute-care hospital, three senior-living communities and four outpatient facilities.