CommonSpirit Health and UCSF Health announced a definitive agreement Monday under which two CommonSpirit hospitals in San Francisco will change hands.
UCSF Health plans to acquire Saint Francis Memorial Hospital and St. Mary’s Medical Center. The proposed deal, which the UC Board of Regents approved in July, is expected to close in the spring, the systems said.
Related: JPM 2024: CommonSpirit to focus on outpatient expansion
San Francisco-based UCSF Health pledged to maintain services and retain employees at both hospitals. In addition, UCSF Health said in a news release it would expand key services, such as cardiology and surgery, and bolster both hospitals’ emergency departments.
Chicago-based CommonSpirit, which has 140 hospitals across 23 states, reported an operating loss of $441 million on operating revenue of $8.6 billion in the first quarter of its 2024 fiscal year ended Sept. 30. That compared with operating income of $23 million on operating revenue of $9 billion in its fiscal 2023 first quarter, according to its unaudited financial statement.
