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Akron, Ohio (Sept. 30, 2013) – HealthSpan Partners, an auxiliary organization of Catholic Health Partners, and Summa Health System closed today on a partnership transaction making HealthSpan Partners a minority owner of Summa Health System.
HealthSpan Partners invested $250 million to become a 30 percent owner of Summa Health System, an integrated healthcare delivery system based in Akron. HealthSpan Partners is a secular, tax-exempt organization that invests in innovative healthcare ventures. This investment concludes a two-year process initiated by the board of Summa Health System to find a like-minded, not-for-profit partner to strengthen Summa financially and better equip the system to tackle the challenges of healthcare reform.
“Healthcare is changing rapidly, and the partnership between HealthSpan Partners and Summa Health System will provide better access to care and enhanced quality of care in the new environment to the people of Northeast Ohio,” said Dan Hounchell, spokesperson for HealthSpan Partners.
Through this partnership, which originally began with Catholic Health Partners, Summa Health System will continue to be locally governed while gaining the strength of a partner with resources across the state to help it realize economies of scale and operational improvements to benefit patient care.
“We are delighted to be partnering with HealthSpan Partners and look forward to working together for the benefit of Northeast Ohioans,” said Thomas Strauss, president and CEO of Summa Health System. “HealthSpan Partners is a great fit as we fulfill our mission as a safety-net provider, caring for everyone, regardless of their ability to pay.”
Catholic Health Partners was the original proposed investor in Summa Health System, but after review of the planned transaction the approach was changed and HealthSpan Partners was designated as the investor.
Although the investment in Summa Health System is now being placed by HealthSpan Partners, other details of the transaction remain the same. Summa Health System and HealthSpan Partners agreed to a statement of common values that includes a provision stating they will not perform direct abortions or euthanasia, neither of which they perform today.
HealthSpan Partners also includes HealthSpan Inc., a company that has been serving self-insured employers and caring for Ohio families for more than 20 years.