MercyOne, which is a part of Trinity Well being, is exploring a merger with Genesis Well being System.
The not-for-profit techniques signed a letter of intent Wednesday to develop a strategic partnership, the organizations mentioned in a information launch. Genesis Well being System, a six-hospital system primarily based in Davenport, Iowa, mentioned in December that it was looking for a accomplice to increase companies and increase workforce recruitment.
Genesis courted greater than 30 well being techniques, finally selecting MercyOne, a 16-hospital system primarily based in West Des Moines, Iowa. Trinity, the 88-hospital system primarily based in Livonia, Michigan, accomplished its acquisition of MercyOne earlier this month, after it acquired the remaining shares of its joint-operating settlement with CommonSpirit Well being.
“All through our partnership exploration, our dedication was to pick a accomplice prepared to make important investments in Genesis that may improve our potential to develop, thrive and ship extra seamless built-in care in our area,” Doug Cropper, president and CEO of Genesis Well being System, mentioned within the information launch.
Operations won’t be affected at both well being system throughout the due diligence course of, in keeping with the techniques. information launch. In January, Genesis Well being System and MercyOne partnered to enhance inhabitants well being and risk-based contracting efforts.
Genesis Well being System reported $6.5 million in working earnings on income of $706.7 million in 2021, in contrast with an working lack of $11.8 million on income of $648.8 million in 2020. It acquired greater than $31 million in COVID-19 reduction grants throughout these two years.
Trinity reported $657.6 million in working earnings on working income of $20.16 billion in 2021, in contrast with a $344.7 million working loss on $18.83 billion of working earnings in 2020. It acquired greater than $1.2 billion in COVID-19 reduction grants in 2020 and 2021.