Loyola University Chicago and Trinity Health Sign Letter of Intent
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Loyola University Chicago and Trinity Health Sign Letter of Intent Loyola University Health System and Trinity Health Consolidation to Strengthen Catholic Health Care in Chicago and Beyond
CHICAGO, March 4, 2011 – Loyola University Chicago (LUC) and Trinity Health (Novi,Mich.) have signed a Letter of Intent (LOI) that could lead to the consolidation of Trinity Health and the Loyola University Health System (LUHS), a wholly owned subsidiary of the University.
The LOI provides a framework for the partnership and begins the formal process of creating the operating model for consolidating the two organizations.
Together, LUC, Trinity Health, and LUHS (Maywood, Ill.) would strive to become one of the nation’s leading providers of Catholic health care, research, and medical education and a model for physician, provider, and community collaboration.
“After a number of conversations with both local and national Catholic health-care systems, LUC determined a partnership with Trinity Health provides the greatest opportunity to invest in and grow the Loyola University Health System while securing the future of the University’s Stritch School of Medicine and Marcella Niehoff School of Nursing,” said Michael J. Garanzini, S.J., president of Loyola University Chicago. “The consolidation would call for substantial investments to advance the future of health sciences and medical research, including $150 million for a state-of-the-art medical research enterprise on the medical center campus in Maywood.”
With the LOI in place, leaders representing the three organizations are further evaluating the potential for consolidation and are completing a number of necessary steps, including filing for regulatory approvals, drafting a Definitive Agreement, planning for transition, and obtaining LUC and Trinity Health board approval.
“The health-care industry is going through accelerated change across the country, and so we believe that now is the right time for LUC and Trinity Health to seize the opportunity to strengthen Catholic health care,” said Joseph R. Swedish, president and CEO of Trinity Health.
“While there is much work ahead during this transition period, I am confident that together, Trinity Health, in collaboration with LUC and LUHS, will become a catalyst for Catholic collaboration in Chicago and across the nation.”
The consolidation will allow LUHS to accelerate progress on its strategic goals.
“This is a natural collaboration that is occurring at a pivotal point in our history. When Trinity Health’s resources are combined with Loyola’s renowned physicians and intellectual capital, our plan for growth in patient care, education, and research take a giant leap forward,” said Paul K. Whelton, MB, MD, MSc, president and CEO of LUHS and senior vice president for health sciences at LUC.
The two health-care systems would complement each other and leverage their collective talent and size:
- Trinity Health, based in Novi, Mich., is the fourth-largest Catholic health system in the United States with operating revenue of more than $7.1 billion and 48,000 employees. It has one of the nation’s most extensive electronic medical record systems and has been recognized by several national organizations for top quality and patient safety. Trinity Health's strong operating results and AA bond rating allow favorable access to financing and the ability to make needed capital, research, and medical education investments.
- LUHS is a leading Jesuit academic medical center with a multidisciplinary focus on delivering outstanding patient care, leading-edge research and rigorous medical, nursing, and graduate education. The system has one of the largest networks of practice sites in the region with a total of 28 facilities. LUHS serves as the training ground for students at Loyola University Chicago’s Stritch School of Medicine and Marcella Niehoff School of Nursing. The Medical Center campus in Maywood includes the Cardinal Bernardin Cancer Center, the Ronald McDonald??Children’s Hospital of Loyola, a leading Burn/Trauma Center, and the Center for Heart & Vascular Medicine. LUHS has a second medical campus in Melrose Park, Ill., which is the home of Gottlieb Memorial Hospital.
Trinity Health, LUC, and LUHS expect the consolidation to result in the implementation of new, innovative, and efficient health-care delivery models both regionally and nationally. Leaders of both organizations will collaborate to better serve people in our local communities, including those who are underserved and uninsured, and to strengthen and preserve both research and education.
About Loyola University Chicago
Committed to preparing people to lead extraordinary lives, Loyola University Chicago, founded in 1870, is the nation's largest Jesuit, Catholic university. Enrollment is nearly 16,000 students, which includes more than 10,000 undergraduates hailing from all 50 states and 82 countries. The University has four campuses: three in the greater Chicago area and one in Rome, Italy. Loyola also serves as the U.S. host university to The Beijing Center for Chinese Studies in Beijing, China, and now features an academic center in Saigon-Ho Chi Minh City, Vietnam. Loyola's 10 schools and colleges include arts and sciences, business administration, communication, education, graduate studies, law, medicine, nursing, continuing and professional studies, and social work. Loyola offers 71 undergraduate majors, 71 undergraduate minors, 85 master's degrees, and 31 doctoral degrees. Loyola is consistently ranked among the "top national universities" by U.S.News & World Report, and the University is among a select group of universities recognized for community service and engagement by prestigious national organizations, such as the Carnegie Foundation and the Corporation for National and Community Service. For more information about Loyola, please visit LUC.edu.
About Trinity Health (trinity-health.org)
Trinity Health is the fourth-largest Catholic health-care system in the country. Based in Novi, Michigan, Trinity Health operates 46 acute-care hospitals, 379 outpatient facilities, 33 long-term care facilities, and numerous home health offices and hospice programs in nine states. Employing more than 48,000 full-time staff, Trinity Health reported $7.1 billion in unrestricted revenue in fiscal year 2010. As a not-for-profit health system, Trinity Health reinvests its profits back into the community through programs to serve the poor and uninsured, manage chronic conditions like diabetes, health education and promotion initiatives, and outreach for the elderly. In fiscal year 2010, this included nearly $456 million in such community benefits. For more information about Trinity Health, visit www.trinity-health.org or become a fan of the Trinity Health Facebook page at www.facebook.com/trinityhealth.
About Loyola University Health System
Based in the western suburbs of Chicago, Loyola University Health System is a quaternary care system with a 61-acre main medical center campus, a 36-acre Gottlieb Memorial Hospital campus, and 28 primary and specialty care facilities in Cook, Will and DuPage counties. The main medical center campus is conveniently located in Maywood, 13 miles west of the Chicago Loop and 8 miles east of Oak Brook, Ill. The heart of the main medical center campus, Loyola University Hospital, is a 570-licensed bed facility. It houses a Level 1 Trauma Center, a Burn Center and the Ronald McDonald® Children’s Hospital of Loyola University Medical Center. Also on campus are the Cardinal Bernardin Cancer Center, Loyola Outpatient Center, Center for Heart & Vascular Medicine and Loyola Oral Health Center as well as the LUC Stritch School of Medicine and the Loyola Center for Health & Fitness. Loyola's Gottlieb campus in Melrose Park includes the 250-bed community hospital, the Gottlieb Health & Fitness Center and the Marjorie G. Weinberg Cancer Care Center. The Marcella Niehoff School of Nursing is located on the University’s Lake Shore Campus. A new nursing school building will break ground in spring 2011 on the Maywood Campus.