Loyola Medicine completes acquisition of Chicago's MacNeal Hospital from Tenet Healthcare
MacNeal is now officially part of Loyola Medicine, a system that also is a member of Trinity Health.
Credit: MacNeal Hospital
Loyola Medicine has sealed the deal on its acquisition of MacNeal Hospital and its affiliated operations from Tenet Healthcare, which also include Chicago Health System, Chicago Market Laboratories and some physicians of Chicago Health Medical Group.
Loyola Medicine declined to release the price tag on the MacNeal acquisition, which was first announced in October 2017. At that time, the system said MacNeal's current leadership would remain intact. A spokesperson for Loyola Medicine confirmed that is still the case.
[Also: Tenet Healthcare stock up 10 percent after better-than-expected fourth quarter revenue]
MacNeal Hospital is a 374-bed teaching hospital in Berwyn, Illinois, with more than 550 medical staff in 50 specialties that provide inpatient and outpatient medical, surgical and psychiatric services. It also has a 12-bed rehabilitation unit, a 25-bed inpatient skilled nursing facility and a 68-bed behavioral health program.
MacNeal is now officially part of the Loyola Medicine regional system, which includes Loyola University Medical Center, Gottlieb Memorial Hospital and an ambulatory network serving Cook, Will and DuPage Counties. Loyola Medicine is also a member of Trinity Health, a large Catholic system which includes 94 hospitals in 22 states.
[Also: Tenet Healthcare stock up 10 percent after better-than-expected fourth quarter revenue]
"We look forward to serving a greater number of patients through our expanded delivery network, thanks to the resources, providers and value-added care made possible by adding MacNeal Hospital and its physicians to our system," said Larry M. Goldberg, president and CEO of Loyola Medicine and Trinity Health's Illinois region.
Sources close to Tenet said when the deal was announced that it signaled Tenet's permanent exit from the Chicago market, where they had three other hospitals they planned to sell. Once those are unloaded, Tenet's footprint would be erased. For several years, the system had struggled to compete with larger competitors Advocate Health Care, Northwestern and Rush.
[Also: Loyola Medicine buys Tenet's MacNeal Hospital, lays groundwork for exit from Chicago market]
The sale will no doubt help bolster the Tenet system, which is moving forward with a cost-reduction plan that includes offloading non-core markets and assets and slashing 2,000 jobs. The system posted a $230 million loss in the fourth quarter, but also pointed to a 10 percent increase in their stock as signs of a hopeful future.
Twitter: @BethJSanborn
Email the writer: beth.sanborn@himssmedia.com
