PinnacleHealth and Penn State Hershey sign letter of intent
Today Penn State Milton S. Hershey Medical Center and PinnacleHealth System have signed a Letter of Intent and Term Sheet with the intent to form a new Health Enterprise in central Pennsylvania. This new collaborative and innovative enterprise will bring together a high-performing university medical center and a community health system known for its quality outcomes and patient-focused care. It will provide increased access to a wider range of services and full spectrum of care to patients over a broader geographic base.
This new health enterprise would be governed by a new board with equal representation from both organizations. Under the proposed structure, Harold L. Paz, MD, M.S., chief executive officer of Penn State Hershey Medical Center and Health System and Penn State's senior vice president for health affairs will oversee the Health Enterprise as the CEO. Michael Young, President and CEO of PinnacleHealth System, will oversee the operations of the enterprise as President.
“In response to rapidly-evolving market conditions driven by healthcare reform, and with a continued focus on cost effective, high-quality care delivery and accessibility, PinnacleHealth System and Penn State Hershey see the formation of a combined health system as the way forward in maintaining a relentless focus on innovation, a commitment to quality patient care, and the discovery of new and better ways to prevent, diagnose and treat disease,” said Harold L. Paz, MD, MS, CEO of Penn State Hershey Medical Center and Health System, Penn State's senior vice president for health affairs and dean of its College of Medicine.
“Working together we will continue to improve the health of our communities and find new opportunities to deliver more comprehensive, high quality, cost effective and accessible healthcare services to the greater region,” said Michael A. Young, FACHE, president and CEO of PinnacleHealth. “Through our complementary strengths, Penn State Hershey and PinnacleHealth will be well-positioned to meet the growing and diverse healthcare needs of the people of central Pennsylvania.”
Both health systems will continue to operate independently and as normal until the integration is finalized and all necessary approvals are obtained.
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