Cleveland Clinic, Akron General Agree to Terms
Cleveland Clinic to Acquire Minority Stake in Akron General
Saturday, August 23, 2014
Cleveland Clinic and Akron General Health System have agreed to terms in which Cleveland Clinic will become a minority owner of Akron General Health System, making Akron General its exclusive health system partner in Summit County. This transaction combines 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.
“For 100 years, Akron General has provided critical healthcare services to the people of Akron, Summit County and the surrounding region. Today, Cleveland Clinic is proud to welcome Akron General as a valued affiliate of our organization,” said Toby Cosgrove, M.D., President and CEO, Cleveland Clinic. “Working together, we will enhance healthcare quality, access, and service in the region, ensuring Akron General’s mission of improving community health.”
Both organizations are committed to the development of a long-term, mutually beneficial partnership that will grow over time. Details of the agreement are not being released.
“Our lengthy efforts to find the absolute best partner have culminated in this historic agreement,” said Thomas L. “Tim” Stover, MD, MBA, President and CEO, Akron General Health System. “This partnership brings the world-class expertise of Cleveland Clinic much closer to patients in Summit and surrounding counties. We are very pleased to be working very closely together with the Cleveland Clinic, the undisputed leader in healthcare delivery in Northeast Ohio.” Cleveland Clinic is the best hospital in Ohio as ranked by U.S. News & World Report.
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.
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, scheduled to begin seeing patients in 2015, 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.