Camden, NJ—Virtua Health has signed an agreement to acquire Lourdes Health System from Trinity Health, including Our Lady of Lourdes Medical Center in Camden.
The boards of Virtua Health and Maxis Health System, an entity of Trinity Health, reached a "definitive" agreement after signing a non-binding letter of intent back in March, and a subsequent due diligence period. The agreement also includes Lourdes Medical Center of Burlington County, Lourdes Medical Associates and Lourdes Cardiology Services.
“Virtua and Lourdes offer complementary services. Bringing our organizations together creates a more fully integrated network offering greater access and care options for our patients. It just makes good sense," said David Kindlick, chairman of the Virtua Board of Trustees.
The combined organization will offer tertiary and community care through an integrated network, leveraging Virtua's exisiting footprint to, "create scale and shared infrastructure, resulting in increased access and improved efficiencies in the future."
“At Lourdes, we are thrilled to be joining with Virtua. Their passion and visionary approach to care is completely aligned with the Lourdes Health System, and we are looking forward to a bright future ahead,” says Reginald Blaber, M.D., president of Lourdes Health System.
Virtua leadership anticipates closing to coincide with state, federal and regulatory approval.
Officials from both health systems said they would not comment further on the acquisition at this time.
Virtua is the second area health system to enter into talks to acquire Lourdes Health System from Trinity Health. Last August, Cooper University Health Care announced it signed a letter of intent to acquire Trinity Health's Lourdes Health System and St. Francis Medical Center, in Trenton, and invest over $135 million into the two hospital campuses.
In December, Cooper announced the deal was off after "a comprehensive review of compliance, legal, regulatory, and operational issues." The termination of the agreement resulted in lawsuits filed by both parties against each other.
Founded in 1950 by Franciscan Sisters of Allegany, New York, Our Lady of Lourdes Medical Center is a 325-bed hospital and the only hospital in New Jersey to ever have been awarded the American Hospital Association’s top honor for excellence in community outreach services. It is also nationally recognized for the Lourdes Cardiovascular Institute and the only provider of solid organ transplantation services in the Central and Southern New Jersey region.
Lourdes Medical System also includes the 173-bed Lourdes Medical Center in Burlington County, several community-based ambulatory care centers, and an Accountable Care Organization [ACO], which has nearly 200 physicians and provides coordinated, comprehensive care across physician practices, hospitals and other healthcare providers. The entire health system employs almost 4,000 people.
Lourdes used to be a member of Catholic Health East, which was acquired by Trinity Health in 2012.
Virtua Health operates three hospitals in Marlton, Mount Holly and Voorhees. It provides services through Virtua Medical Group with 500 physicians and other clinicians, and at its eight urgent care centers, three hospitals, multiple ambulatory surgery centers, health and wellness centers, fitness centers, home health services, long-term care and rehabilitation centers, and paramedic program. A leader in maternal and child health services, Virtua delivers more than 8,000 babies a year. It employs over 9,000 people.