NEPTUNE, N.J., May 12, 2015 /PRNewswire-USNewswire/ -- Meridian Health and Hackensack University Health Network announced today that they have signed the definitive agreement for the two health systems to merge and become Hackensack Meridian Health. The agreement follows nearly seven months of due diligence during which time a thorough review of clinical, regulatory, service, and financial issues occurred. The merger still requires state and federal regulatory clearance, which the health systems expect within the next nine to twelve months.
"Hackensack University Health Network is pleased to partner with Meridian Health in this historic merger," says Robert C. Garrett, FACHE, president and CEO of Hackensack University Health Network. "From the beginning, both organizations knew we wanted to do the right thing for the people of New Jersey. Hackensack Meridian Health will truly elevate the level of healthcare provided throughout much of the region by creating the state's most comprehensive healthcare system."
"There are many firsts throughout New Jersey's history," says John K. Lloyd, FACHE, president and CEO of Meridian Health. "Today marks the first time that two of the state's most innovative healthcare systems are joining to transform the delivery of healthcare and better meet the needs of the communities we serve. Together, Hackensack and Meridian will truly be taking care of New Jersey."
"Today marks a milestone for both Meridian and Hackensack, not to mention the entire state of New Jersey," says Gordon Litwin, Esq., chairman of Meridian Health Board of Trustees. "From the beginning we knew that we were embarking upon a great relationship that would have tremendous benefits to residents within our service areas and I could not be more pleased with the process that got us here today, which will, in the end, create one of the most comprehensive patient-focused and quality driven healthcare systems in the state."
"We are pleased to sign this definitive agreement with Meridian Health," says Joseph Simunovich chairman of the Hackensack University Health Network Board of Trustees. "This period of due diligence has affirmed that our combined organizations will expand access to services and further develop a vast array of new-hospital services to much broader geography."
Following regulatory approval, the newly formed organization, which will be known as Hackensack Meridian Health, will share a corporate board comprising an equal number of trustees from each system. The integrated health system will also have co-chief executive officers in recognition of the tremendous experience and vision of the existing executives, Robert C. Garrett and John K. Lloyd, for a period of two and a half years after which time Mr. Garrett would become the sole CEO.
The combined entity will have 11 hospitals — Jersey Shore University Medical Center, Neptune; Ocean Medical Center, Brick; Riverview Medical Center, Red Bank; Southern Ocean Medical Center, Manahawkin; Bayshore Community Hospital, Holmdel; Raritan Bay Medical Center, Old Bridge; Raritan Bay Medical Center, Perth Amboy; Hackensack University Medical Center, Hackensack; HackensackUMC Mountainside, Montclair; HackensackUMC at Pascack Valley, Westwood; and Palisades Medical Center, North Bergen; and, two children's hospitals – K. Hovnanian Children's Hospital in Neptune and Joseph M. Sanzari Children's Hospital in Hackensack, along with a network of physician practices, ambulatory surgery centers, home care, long-term care and assisted living facilities, ambulance services, fitness and wellness centers, and outpatient centers. The combined entity will employ approximately 25,000 team members and nearly 6,000 physicians on staff.
About Hackensack University Health Network
Hackensack University Health Network is the New Jersey-based parent company of HackensackUMC, the HackensackUMC Foundation, Hackensack University Medical Group, and corporate joint venture partners with LHP Hospital Group in ownership of two hospitals: HackensackUMC at Pascack Valley and HackensackUMC Mountainside. In April 2015, HackensackUHN welcomed Palisades Medical Center as a full member of the Network, marked by the execution of a definitive agreement. Together with six other health systems, the Network is part of the nation's largest healthcare consortium of its kind, AllSpire Health Partners; with a total of 28 hospitals and service area of more than six million people. HackensackUHN also enjoys clinical and academic affiliations with some of the nation's most well-renowned health systems, hospitals and universities, including: CentraState Healthcare System, CityMD, Georgetown Lombardi Comprehensive Cancer Center, Seton Hall University, Good Samaritan Regional Medical Center, MedStar Georgetown University Hospital, MinuteClinic, NYU Langone Medical Center's Division of Pediatric Surgery, Rutgers Medical School, St. George's University, and Stevens Institute of Technology. With more than 10,800 employees, 3,350 credentialed medical staff members and 1,717 hospital and nursing home beds at hospitals within the Network, Hackensack University Health Network is one of the largest healthcare systems in New Jersey.
About Meridian Health
Meridian Health is a leading not-for-profit health care organization in New Jersey, comprising Jersey Shore University Medical Center and K. Hovnanian Children's Hospital in Neptune, Ocean Medical Center in Brick, Riverview Medical Center in Red Bank, Southern Ocean Medical Center in Manahawkin, Bayshore Community Hospital in Holmdel, and Meridian Partner Companies that include home health services, skilled nursing and rehabilitation centers, ambulatory care, ambulance services, fitness and wellness centers, and outpatient centers. In April 2015, Meridian Health and Raritan Bay Medical Center approved a definitive agreement to merge. Meridian Health has consistently been rated among the top performing health systems in New Jersey for clinical quality, is one of the FORTUNE "100 Best Companies to Work For" for five consecutive years, and is the recipient of numerous state and national recognitions for patient care and nursing excellence. Meridian Health is a member of AllSpire Health Partners, an interstate consortium alongside six of the nation's leading health systems, to focus on the sharing of best practices in clinical care and achieving efficiencies. With more than 100 convenient locations, over 1,800 beds, nearly 13,000 team members, and affiliations with more than 2,000 of the area's finest physicians, Meridian Health is a leading health care provider in New Jersey, providing quality health services, facilities, and programs. For more information, please visit www.MeridianHealth.com.
SOURCE Meridian Health