A Message to our Valued Donors

As you may be aware, Summa Health has been working with HATCo to thoughtfully evaluate and define a proposed transaction. We’re pleased to share that we have signed a Definitive Agreement outlining the proposed terms and conditions of HATCo’s acquisition of Summa Health. The transaction is subject to regulatory review and approval.

Our time together has only further cemented our trust and confidence in HATCo’s commitment to our organization, culture and the Greater Akron region. They have committed to a significant investment that will provide the resources we need to build upon our existing strengths and capabilities; we’ll also benefit from new opportunities and technology that will expand access to care and improve patient, provider and staff experiences. 

This is a true investment in our future. The purchase price of $485 million, when added to Summa Health’s current cash, will enable the health system to eliminate $850 million in existing debt. The remaining cash, after closing adjustments, will fund a new, separately governed community foundation that will support focused investment to benefit community health in the Greater Akron region. 

HATCo has also committed to $350 million in capital funding within the first five years to ensure necessary resources are available for routine purposes, and investment in technologies that support growth. Additionally, HATCo has committed $200 million intended for strategic and transformative investments and to drive innovation over the first seven years.

The new community foundation will allow us to deliver a broader impact than we can achieve today. In order to begin planning for this foundation, Summa Health has established a working group comprised of community members and current members of the Summa Board of Directors. Together, this group spent several months reviewing foundation models that would best serve the Greater Akron region and all the communities we serve. This working group defined the mission, vision and values of the new community foundation, established the structure for the proposed board and reviewed nominations for board members. 

While this important planning has begun, it is important to note that the new community foundation will be created through a process that is independent from the transaction and will be governed separately from HATCo and the health system following the closing.

Above all: We remain deeply committed to investing in the communities we serve. Summa Health will maintain its charity care policy, community benefit, and essential services it currently offers while focusing on sustainable growth and enhanced access to care for people across the region.

As part of HATCo, we will be able to invest in and grow our team in ways we could not achieve as an independent organization. And while the structure and model of Summa Health will shift when we become part of HATCo, our priorities will not change and our providers, employees and leadership team will transition to the new entity. 

Summa Health and HATCo are submitting applications related to the proposed transaction to all required regulatory bodies, including the Ohio Attorney General, the Ohio Department of Insurance, the Federal Trade Commission and other applicable authorities in compliance with regulatory review processes. This is an important step, and we expect reviews to take time given the unique nature of this transaction. 

Additional, updated information is available at SummaHealth.org/Future. 

As always, thank you for your generous support as we all work together to advance the health of everyone we serve across our Greater Akron region.

Sincerely,
George Strickler, Chair, Summa Health Board of Directors
Cliff Deveny, M.D., President and CEO, Summa Health