Cleveland Clinic and Akron General Sign Letter of Intent
Agreement Would Make Cleveland Clinic a Minority Owner of Akron General
Monday, June 9, 2014
Cleveland Clinic and Akron General Health System have signed a Letter of Intent (LOI) to enter into an arrangement in which Cleveland Clinic will invest in and become a minority owner of Akron General Health System, making Akron General its exclusive health system partner in Summit County. This transaction will combine the clinical expertise and resources of Cleveland Clinic and Akron General to strengthen and improve access to high-quality, affordable healthcare services for patients in the region.
“We know how important the health of Akron General is to the people of Summit County and the surrounding area. This agreement demonstrates our commitment to keeping Akron General strong in today’s ever-changing healthcare environment and to positioning Akron General as a leader in value-based care,” said Toby Cosgrove, M.D., President and CEO, Cleveland Clinic. “This agreement has been a long time in the making, and through the process, we have come to truly understand and respect each other’s strengths. We know that it is the right fit for both of our organizations and the communities we serve.”
Both organizations are committed to the development of a long-term, mutually beneficial partnership that will grow over time.
“I have said publicly that Akron General would take the requisite time to find the very best arrangement. I am thrilled to say that this agreement meets that lofty standard,” said Thomas L. “Tim” Stover, M.D., MBA, President and CEO, Akron General Health System. “There is no better healthcare organization with which to partner than Cleveland Clinic. Their reputation for providing World Class Care combined with Akron General’s extraordinary clinical programs will provide the people of Summit County an unprecedented level of care close to home.”
A key part of the relationship will bring the opportunity for physicians in Akron to participate in Cleveland Clinic’s Quality Alliance. The Quality Alliance enables collaboration between independent and employed physicians to improve quality of care, reduce costs and increase efficiency, and provide access to expertise, data and experience.
The two systems will also work together on other opportunities to improve care and services to the community.
As a provision of the agreement, Cleveland Clinic will make a substantial capital investment in Akron General Health System. In addition, the organizations will have representation on the other’s Board. It was important to both organizations that there continue to be Akron-based governance and management leadership.
About Cleveland Clinic
Cleveland Clinic is a nonprofit multispecialty academic medical center that integrates clinical and hospital care with research and education. Located in Cleveland, Ohio, it was founded in 1921 by four renowned physicians with a vision of providing outstanding patient care based upon the principles of cooperation, compassion and innovation. Cleveland Clinic has pioneered many medical breakthroughs, including coronary artery bypass surgery and the first face transplant in the United States. U.S.News & World Report consistently names Cleveland Clinic as one of the nation’s best hospitals in its annual “America’s Best Hospitals” survey. More than 3,000 full-time salaried physicians and researchers and 11,000 nurses represent 120 medical specialties and subspecialties. The Cleveland Clinic health system includes a main campus near downtown Cleveland, eight regional hospitals, more than 75 Northern Ohio outpatient locations, including 16 full-service Family Health Centers, Cleveland Clinic Florida, the Lou Ruvo Center for Brain Health in Las Vegas, Cleveland Clinic Canada, and, currently under construction, Cleveland Clinic Abu Dhabi. In 2012, there were 5.1 million outpatient visits throughout the Cleveland Clinic health system and 157,000 hospital admissions. Patients came for treatment from every state and from more than 130 countries. Visit us at www.clevelandclinic.org. Follow us at www.twitter.com/ClevelandClinic.
About Akron General
Akron General Health System is a not-for-profit health care organization with the mission of improving the health and lives of the people and communities it serves. Akron General Health System includes: Akron General Medical Center, a 532 registered bed teaching and research medical center, and Edwin Shaw Rehabilitation Institute, the area’s largest provider of rehabilitation services; Akron General Partners, which includes Partners Physician Group, the Akron General Health & Wellness Centers, Lodi Community Hospital, Community Health Centers and other companies; Akron General Community Health Ventures, which includes Visiting Nurse Service and Affiliates; and Akron General Foundation. Recently, U.S.News & World Report ranked Akron General Medical Center as the fifth best hospital in Ohio. In 2013, the American Nurses Association bestowed the prestigious “Magnet” status on the more that 1,000 nurses from Akron General Medical Center, Edwin Shaw Rehabilitation Institute and the Health System’s Health & Wellness Centers. For more information about Akron General Health System, visit www.akrongeneral.org.
Jim Armstrong, APR, 330.344.6083, firstname.lastname@example.org
Megan F. Pruce, Cleveland Clinic, 216.445.7452, email@example.com