Virtua Signs Definitive Agreement to Acquire the Lourdes Health System
The Boards of Virtua Health and Maxis Health System, an entity of Trinity Health, have signed a definitive agreement to move forward with the acquisition by Virtua of the Lourdes Health System, including Our Lady of Lourdes Medical Center, Camden, Lourdes Medical Center of Burlington County, Lourdes Medical Associates and Lourdes Cardiology Services. The agreement was reached after a non-binding letter of intent and subsequent due diligence period.
“As representatives of the community, we are constantly thinking about how Virtua can improve the health status of the people of South Jersey,” says David Kindlick, chairman of the Virtua Board of Trustees. “Virtua and Lourdes offer complementary services. Bringing our organizations together creates a more fully integrated network offering greater access and care options for our patients. It just makes good sense.”
“The combination of Virtua and Lourdes is a great story waiting to be told,” says Dennis Pullin, president and CEO of Virtua. “Each organization has enjoyed a rich history. Together we recognize synergies not only around care delivery, but also around quality, culture, talent, and community engagement.” Pullin cited shared experience in developing strong community outreach programs for vulnerable populations as well as deep commitments to continuing education of physicians, nurses, care providers and health professionals.
The combined organization will offer tertiary and community care through a robust clinically integrated network. An additional driver of the acquisition will be to leverage the expanded Virtua footprint to create scale and shared infrastructure, resulting in increased access and improved efficiencies in the future.
“At Lourdes, we are thrilled to be joining with Virtua. Their passion and visionary approach to care is completely aligned with the Lourdes Health System, and we are looking forward to a bright future ahead,” says Reginald Blaber, M.D., president of Lourdes Health System.
“When finalized, our new organization will represent enhanced care for the benefit of the South Jersey community. The potential impact and benefits are limitless,” adds Pullin.
Virtua leadership anticipates closing to coincide with state, federal and regulatory approval.
*NOTE: Leadership will not be fielding media calls or interviews at this time.
About Virtua Health
As one of New Jersey’s largest, not-for-profit health systems, Virtua provides comprehensive health care services to achieve its mission to help people be well, get well and stay well. Virtua provides services through Virtua Medical Group with 500 physicians and other clinicians, and at its eight urgent care centers, three hospitals, multiple ambulatory surgery centers, health and wellness centers, fitness centers, home health services, long-term care and rehabilitation centers, and paramedic program. A leader in maternal and child health services, Virtua delivers more than 8,000 babies a year. The network provides health services to 1,500 businesses, and participates in Virtua Physician Partners, a clinically integrated network of 1,000 physicians and other clinicians. Virtua is affiliated with Penn Medicine for cancer and neuroscience and the Children's Hospital of Philadelphia (CHOP) for pediatrics. It employs over 9,000 and has been honored as the #1 Best Place to Work in the Delaware Valley many times since 2007. It is the recipient of a 4-star rating from the Centers for Medicare and Medicaid Services (CMS) for quality of care, and its hospitals earned straight A’s in patient safety by The Leapfrog Group. U.S. News and World Report ranked Virtua’s Mount Holly and Voorhees hospitals as High Performing Hospitals and Voorhees as a Best Regional Hospital. Virtua is also the recipient of the Consumer Choice Award from the National Research Corporation.
About Maxis/Trinity Health
Maxis Health System is an entity of Trinity Health, one of the largest multi-institutional Catholic health care delivery systems in the nation, serving diverse communities that include more than 30 million people across 22 states. Trinity Health includes 93 hospitals, as well as 109 continuing care programs that include PACE, senior living facilities, and home care and hospice services. Its continuing care programs provide nearly 2.5 million visits annually. Based in Livonia, Mich., and with annual operating revenues of $17.6 billion and assets of $24.7 billion, the organization returns almost $1.1 billion to its communities annually in the form of charity care and other community benefit programs. Trinity Health employs about 131,000 colleagues, including 7,500 employed physicians and clinicians. Committed to those who are poor and underserved in its communities, Trinity Health is known for its focus on the country's aging population. In fact, Trinity Health is the nation’s leading provider of PACE (Program of All Inclusive Care for the Elderly) based on the number of available programs. For more information, visit www.trinity-health.org.
Lourdes Health System is a member of Trinity Health and is one of the region’s leading healthcare providers, recognized nationally for excellence in clinical care and service to the community. The health system has two acute care hospitals, several community-based ambulatory care centers, and an Accountable Care Organization (ACO), which has nearly 200 physicians and provides coordinated, comprehensive care across physician practices, hospitals and other healthcare providers. A major teaching affiliate of the Rowan University School of Osteopathic Medicine, Lourdes provides a full range of medical, surgical, obstetrical, behavioral health, rehabilitation and long-term acute care services. The Lourdes Cardiovascular Institute is recognized nationally for excellence in heart care and is consistently ranked as among the top hospitals in the nation for heart care. Our Lady of Lourdes Medical Center is the only provider of solid organ transplantation services in the Central and Southern New Jersey region. It is the only hospital in New Jersey to ever have been awarded the American Hospital Association’s top honor for excellence in community outreach services. Lourdes Health System operates Our Lady of Lourdes School of Nursing. For more information, visit www.lourdesnet.org.
— June 5, 2018