Universal Health Services will assume full ownership of George Washington University Hospital, the for-profit health system announced Saturday.
A Universal Health Services subsidiary and George Washington University owned and operated George Washington University Hospital in Washington for nearly 25 years. Under that arrangement, King of Prussia, Pennsylvania-based Universal Health Services held an 80% stake and the university owned the remainder.
"We are confident that through this restructured partnership, we will be able to mutually meet our quality-of-care goals while also growing our integrated delivery model and further expanding access to care," Marc Miller, president and CEO of Universal Health Services, said in a news release.
George Washington University Hospital employs more than 800 physicians and 2,600 staff members, according to the hospital. Hospital data show the facility brought in $35.2 million in capital investments in 2019.
The former partnership helped the hospital achieve its designation as a Level I trauma center and a comprehensive stroke center, according to the news release.
"The revised arrangement not only resets the decades-long partnership to create a stronger, more sustainable foundation for both organizations to step into the future, but it also reignites a shared enthusiasm to expand and enhance excellent care for our patients and the citizens of our region," George Washington University President Mark Wrighton said in the news release.
Universal Health Services planned to submit a certificate of need to complete the deal to the District of Columbia's State Health Planning and Development Agency on Tuesday.