Akron-based hospital system, Summa Health, is preparing for a major change as it sets to be acquired by health care venture capital firm, Health Assurance Transformation Corporation (HATCo). The two organizations have recently signed a non-binding letter of intent and are in the process of finalizing a definitive agreement, expected to be completed in the coming months.
As part of the acquisition, Summa Health will transition into a for-profit organization while keeping its original name, logo, and brand. Despite this change, Summa Health assures its patients that they will still have access to the same essential services and receive quality, compassionate care from trusted physicians, providers, and care facilities.
The main goal of this acquisition is to enhance access to care and expand affordable, quality, coordinated care within the community. Although Summa Health will be for-profit, both Summa Health and HATCo have committed to maintaining the health system’s dedication to charity care.
Additionally, a community foundation will be established as part of the transaction, with the intent to invest in social determinants of health and benefit the Greater Akron area. This initiative aims to improve the overall health and well-being of the community.
CEO of HATCo, Dr. Marc Harrison, has assured that there will be no reductions in force or job losses resulting from the acquisition. Ensuring job security is a crucial aspect of this partnership, allowing the hospital system’s employees to continue providing exceptional care.
In recent years, Summa Health has been dedicated to improving the health of its region. In 2022 alone, the hospital system delivered an impressive $210.1 million in community benefit to area residents. With this acquisition, Summa Health plans to continue its commitment to the well-being of the community.
The partnership between Summa Health and HATCo has garnered the support of Akron Mayor, Shammas Malik. Mayor Malik hopes that this collaboration will solidify Akron families’ ability to rely on Summa Health for excellent care in the future.
As the acquisition progresses, more details will emerge about the specific impacts and benefits for the Akron community. The finalization of the definitive agreement will mark a significant milestone for both Summa Health and HATCo, ushering in a new era for healthcare in the area.
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