ST. LOUIS and CHICAGO, Aug. 13, 2013 /PRNewswire/ -- CHAN HEALTHCARE LLC and Crowe Horwath LLP announced today they have signed a letter of intent to combine resources, establishing a strategic business partnership that will create one of the healthcare industry's leading providers of internal audit and advisory services.
CHAN HEALTHCARE is a joint partnership of Ascension and Catholic Health Initiatives (CHI). Crowe Horwath (Crowe) is one of the largest public accounting and consulting firms in the U.S. The new partnership aims to combine resources and strengthen existing services to meet the internal audit and advisory needs of the changing healthcare industry. As part of the transaction, CHAN HEALTHCARE intends to retain its existing executive management team and key executives.
The transaction is scheduled to close this fall, pending completion of due diligence and signing of a definitive agreement. Financial details of the transaction were not disclosed.
"Crowe Horwath is a well-respected, full service public accounting firm with a solid reputation in the industry," Anthony R. Tersigni, Ed.D., FACHE, President and Chief Executive Officer of Ascension, said. "This partnership will create the healthcare industry's leading provider of high quality and value-added internal audit and advisory services."
"We believe this strategic partnership will further strengthen and improve the exemplary range of services now provided by CHAN," said Kevin Lofton, President and Chief Executive Officer of CHI. "Joining with one of the nation's largest public accounting firms makes sound business sense in today's changing health care environment."
"The similarity of our missions was a key factor leading us to this strategic business partnership," said Chuck Allen, Chief Executive Officer of Crowe Horwath LLP. "CHAN's mission of providing quality services with integrity, innovation and knowledge sharing aligns ideally with our core purpose of 'Building Value with Values' for our people, our clients and our firm."
Crowe is the ninth largest public accounting firm in the U.S., with a national healthcare practice. Crowe's existing healthcare services include opinion audits, tax, IT security, regulatory, revenue cycle and physician integration.
Headquartered in Chicago, Crowe employs approximately 2,700 people. CHAN HEALTHCARE is based in Clayton, Mo., and employs approximately 320 staff nationwide.
CHAN HEALTHCARE is the only U.S. company focused primarily on providing internal audit services to healthcare. It was formed in 1997 through collaboration of the two largest tax-exempt healthcare systems in the U.S., Ascension and CHI.
CHAN HEALTHCARE maintains a permanent on-site presence in more than 20 tax-exempt healthcare networks across the nation and operates in more than 350 hospitals and healthcare facilities.
Ascension (www.ascension.org) is transforming healthcare by providing the highest quality care to all with special attention to those who are poor and vulnerable. Last year Ascension, through its subsidiary Ascension Health, provided more than $1.3 billion in care of persons living in poverty and community benefit programs. Its Mission-focused Health Ministries employ more than 150,000 associates serving in more than 1,500 locations in 23 states and the District of Columbia.
About Catholic Health Initiatives
Catholic Health Initiatives is a national nonprofit health system with headquarters in Englewood, Colo. The faith-based system operates in 18 states and includes 86 hospitals; 40 long-term care, assisted- and residential-living facilities; two academic medical centers; two community health services organizations; two accredited nursing colleges; and home health agencies. Currently, CHI ranks as the nation's third-largest faith-based health system, with annual operating revenues of more than $12 billion and approximately 85,500 employees. In fiscal year 2012, CHI provided more than $715 million in charity care and community benefit, including services for the poor, free clinics, education and research.
About Crowe Horwath
Crowe Horwath LLP (www.crowehorwath.com) is one of the largest public accounting and consulting firms in the United States. Under its core purpose of "Building Value with Values®," Crowe uses its deep industry expertise to provide audit services to public and private entities, while also helping clients reach their goals with tax, advisory, risk and performance services. With offices coast to coast and 2,700 personnel, Crowe is recognized by many organizations as one of the country's best places to work. Crowe serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world, consisting of more than 150 independent accounting and advisory services firms in more than 100 countries around the world.
SOURCE Crowe Horwath LLP