Two Michigan hospital systems plan to combine operations in the Detroit metropolitan area and the center of the state, they announced Wednesday.
Henry Ford Health and Ascension Michigan have entered into a joint venture to combine Ascension’s southeast Michigan and Genesys health care facilities and assets with those of Henry Ford Health, they said in a news release.
The combined operations would give the venture nearly 44% of the metro Detroit hospital market by revenue, The Detroit News reported.
Eight Ascension hospitals and related care sites and Ascension's Brighton Center for Recovery addiction treatment center would be renamed under Henry Ford Health.
The combined, Detroit-based organization would have $10.5 billion in operating revenue and be led by Henry Ford Health CEO Bob Riney. A board of directors wth representatives from both hospital groups would oversee operations.
The combined health system is expected to employ 50,000 people across more than 550 care sites. The partners are preparing to submit the agreement to state and federal regulatory agencies for review and hope the transaction closes by next summer, they said.
The joint venture would further consolidate some of Michigan's largest health care providers. Michigan Medicine acquired Sparrow Health in April and Beaumont and Spectrum Health systems merged last year under the name Corewell Health.