Ascension to sell St. Vincent's Medical Center to Hartford HealthCare
Transaction follows layoffs at Ascension Health Michigan.
Hartford HealthCare is acquiring St. Vincent's Medical Center in Bridgeport, Connecticut from the Ascension health system.
Ascension and St. Vincent's have signed a non-binding letter of intent with Hartford HealthCare for Hartford to acquire St. Vincent's and all of its related operations, Ascension said Tuesday.
No terms of the deal were disclosed.
St. Vincent's includes a 473-bed community teaching hospital, a 76-bed inpatient psychiatric facility in Westport, a multispecialty provider group, and St. Vincent's Special Needs Services.
Hartford HealthCare will continue to operate St. Vincent's in compliance with Catholic traditions, Ascension said.
St. Vincent's College is not part of the transaction.
Ascension gave no reason in its statement for letting go of St. Vincent's. No one from the health system could be immediately reached for comment.
"In our rapidly evolving healthcare environment, healthcare providers have a greater opportunity to successfully serve individuals and communities by working in clinically integrated systems of care. And Hartford HealthCare is Connecticut's most comprehensive healthcare network," said Patricia A. Maryland, executive vice president of Ascension and president and CEO of Ascension Healthcare.
The sale follows recent layoffs at hospitals in Michigan associated with Ascension Health. Ascension Health Michigan laid off at least 500 employees in mid-March with more expected, according to The Detroit News.
Hartford HealthCare is a fully integrated health system that includes acute-care hospitals, the state's most extensive behavioral health network, a large multispecialty physician group, a regional home care system, an array of senior care services, a physical therapy and rehabilitation network, and an accountable care organization.
Hartford HealthCare CEO Elliot Joseph said, "Together, we can provide even broader access to St. Vincent's excellent care to residents of Fairfield County."
"Importantly, Hartford HealthCare's mission, vision and values are compatible with those of Ascension and St. Vincent's," said St. Vincent's CEO Dawn Rudolph.
The faith-based Ascension is among the largest non-profit health systems and Catholic health systems.
Twitter: @SusanJMorse
Email the writer: susan.morse@himssmedia.com
