Henry Ford Health and Ascension Michigan say they have signed an agreement to enter a joint venture and form a new system with a combined $10.5 billion in revenue.
Several Ascension hospitals in southeast Michigan will be joining with Henry Ford, which is based in Detroit. The systems say it is not a merger or acquisition. No cash transactions would be taking place, the systems said.
The new, expanded organization would be branded Henry Ford Health, and it will remain headquartered in Detroit. Henry Ford and Ascension Michigan say they hope the transaction will be complete by the summer of 2024, if regulators give their approval.
The new organization would have more than 50,000 employees and more than 550 healthcare locations.
Robert Riney, president and CEO of Henry Ford, would lead the new, combined organization. A governing board of the new organization would include members from Henry Ford and Ascension, the systems said.
The organizations said they would work to maintain the Catholic identity of the Ascension hospitals joining the new organizations. “Conversations on the future state of the Catholic identity of these facilities are ongoing,” the news release announcing the deal states.
Leaders of the two systems touted the potential to offer more services to disadvantaged communities.
“Together we can expand healthcare services and deliver innovations in care — from prevention and early detection through the treatment of complex conditions — to more people and...
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