Hospitals in talks to buy AGMC
The parent company of three local hospitals has joined with the Cleveland Clinic in negotiations to buy Akron General Medical Center.
Tennessee-based Community Health Systems, or CHS, which operates ValleyCare Health System of Ohio, has entered talks to purchase the Akron-based hospital and other related health care facilities, including Edwin Shaw Rehabilitation Hospital in Cuyahoga Falls and Lodi Community Hospital.
A CHS subsidiary and the Cleveland Clinic Foundation formed an alliance earlier this year to advance quality and cost-effective services, said Wayne T. Smith, CHS chairman, president and CEO.
“We are pleased to announce this proposed affiliation with Akron General Health System. Cleveland Clinic has long-served patients from the Akron area, and this will allow us to expand our clinical services in the region as Community Health Systems grows its presence in Ohio,” said Toby M. Cosgrove, M.D., chief executive officer and president of Cleveland Clinic.
“For Akron General, this partnership means access to tremendous resources as it continues to deliver on its mission of providing high-quality health care services to patients,” he said.
Due diligence, finalizing terms and regulatory approval are the next steps in the deal. No timeline was released.
CHS’s ValleyCare Health System operates Trumbull Memorial Hospital, Northside Medical Center, Hillside Rehabilitation Hospital and other local facilities.