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Ascension Subsidiary To Buy Michigan Well being Insurer For $50 Million

on May 29, 2015 in Good Life

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Ascension HealthA subsidiary of St. Louis-based Ascension plans to purchase Sterling Heights-based mostly U.S. Health and Life Insurance coverage Co. for $50 million, according to documents filed with the Michigan Division of Financial and Insurance Services. Editor’s be aware: This story has been updated from an earlier model to clarify the name of the company that is buying U.S. Health and Life Insurance coverage Co. Throughout the previous yr, the board of 290-mattress Crittenton Hospital, the last remaining main nonprofit impartial hospital in Southeast Michigan, has been contemplating gives from greater than 5 native and national health care organizations. Roy Powell, Crittenton’s CEO, mentioned Crittenton and Ascension will instantly begin to enhance several medical areas to increase quantity.

Robert Lenihan, Crittenton’s board chairman, mentioned the hospital conducted a radical course of to select a brand new proprietor that has a excessive repute for high quality care and monetary resources to assist Crittenton develop into profitable. The monetary and operating strength of (Ascension Well being) will dramatically enhance the financial and working basis of Crittenton and proceed its upward development of economic stability,” Powell said in a press release. Ascension Health, which is the dad or mum of Warren-based mostly St. John Providence Health System, is without doubt one of the largest nonprofit methods within the nation with a hundred and twenty hospitals in 23 states.

Gwen MacKenzie, senior vice chairman of Ascension Health and market leader for Ascension Health Michigan, mentioned the addition of Crittenton fills a coverage gap for primary, specialty and inpatient take care of Ascension in Michigan. MacKenzie stated Crittenton Hospital suits in completely with the recent formation of Together Well being Network, a statewide managed care joint venture with Livonia-based mostly Trinity Well being.

Powell said there shall be restricted influence” to sure Crittenton providers that may battle with Catholic canons. But Crittenton peforms tubal ligations (everlasting birth control surgery), in line with information on its website. Final September, Beaumont Health was formed by an agreement with Beaumont Well being System, Oakwood Healthcare Inc.

Capital funding selections in Crittenton might be points of discussion as the 2 nonprofit health organizations pound out a ultimate sales contract, she said. In response to Issai, this committee will present a platform for ongoing dialogue and strategic planning to reinforce supply of quality inpatient and outpatient care all through California. An affiliation settlement provides the necessary construction for DCHS to form collaborative relationships to create more efficient person-centered look after the folks in our California communities,” he added. These hospitals advertise to a national audience in media of basic circulation.Ascension Health

Ascension Health