CHICAGO and MILWAUKEE, March 22, 2018 /PRNewswire/ -- Advocate Health Care and Aurora Health Care announced today that their proposed merger has cleared the regulatory review process, paving the way for the creation of Advocate Aurora Health, the 10th largest not-for-profit, integrated health care system in the United States. The organizations are expected to close April 1, 2018.
The Wisconsin Office of the Commissioner of Insurance approved the proposed deal today, following successful review by the Federal Trade Commission and approval by the Illinois Health Facilities and Services Review Board in February.
"We're full steam ahead," said Jim Skogsbergh, president and chief executive officer of Advocate, who was named co-CEO of Advocate Aurora Health. "A team of leaders from both systems have developed a comprehensive integration plan that will allow us to accelerate our efforts on safety, health outcomes, consumer experience and cost while delivering value for the patients, communities and employers who count on us."
"Our merger represents a tremendous opportunity to elevate the strengths of two great organizations to shape a better future for those we serve," said Nick Turkal, M.D., president and chief executive officer of Aurora, also named co-CEO of Advocate Aurora Health. "We are excited to move forward on our commitment to leading the change and building a model of health care that is truly transformational."
The two organizations, known for their track record on clinical quality and outcomes, cited enhanced scale, expanded access, greater efficiencies and a shared dedication to transform the care delivery model as key drivers for the merger, which was first announced Dec. 4, 2017.
Advocate Aurora Health will operate more than 500 sites of care and 27 hospitals. It will employ more than 3,300 physicians and nearly 70,000 associates and caregivers, while serving almost three million patients each year. With combined annual revenues of approximately $11 billion, the new organization offers significant resources and the financial flexibility to expand investment and scale innovation.
The agreement includes a plan for a single Board of Directors comprising an equal number of members from Advocate and Aurora. Aurora Board Chair Joanne Disch will chair the Advocate Aurora Health Board of Directors during the first two years, and Advocate Board Chair Michele Richardson will assume leadership for the following two years. Advocate Aurora Health will maintain dual headquarters in Downers Grove, IL and Milwaukee, WI.
About Advocate Health Care
Advocate Health Care is the largest health system in Illinois and one of the largest health care providers in the Midwest. Advocate operates nearly 400 sites of care and 12 hospitals, including three of the nation's 100 Top Hospitals, the state's largest integrated children's network, five Level I trauma centers (the state's highest designation in trauma care), three Level II trauma centers, one of the area's largest home health and hospice companies and one of the region's largest medical groups. Advocate Health Care trains more primary care physicians and residents at its four teaching hospitals than any other health system in the state. As a not-for-profit, mission-based health system affiliated with the Evangelical Lutheran Church in America and the United Church of Christ, Advocate contributed $692 million in charitable care and services to communities across Chicagoland and Central Illinois in 2016.
About Aurora Health Care
Aurora Health Care is a not-for-profit Wisconsin-area health care provider and a national leader in efforts to improve health care quality. Aurora offers services at sites in more than 30 counties throughout eastern Wisconsin and northern Illinois. Aurora is Wisconsin's most comprehensive health care provider and the state's largest private employer. Aurora serves more than 1.2 million patients every year via a comprehensive network of facilities, services and providers, including 15 hospitals, more than 150 clinics, more than 70 pharmacies and more than 33,000 caregivers. As evidenced by more than 300 active clinical trials, Aurora is dedicated to delivering innovations to provide the best possible care today, and to define the best care for tomorrow. Get helpful health and wellness information through the Aurora blog, our Facebook page, our Instagram account, our Twitter account and our Pinterest account.
SOURCE Aurora Health Care