Source: NJBiz.com Health
Princeton HealthCare System has announced it will become part of the University of Pennsylvania Health System.
The two announced their intent earlier this year, and formally announced Monday that the plan is moving ahead. The deal is pending state and federal approval, and contingent upon closing conditions.
Penn Medicine has a strategic alliance with another New Jersey health system, Virtua Health.
“We are proud of this exciting opportunity to combine Princeton HealthCare’s strong reputation for providing excellent care in the community with Penn Medicine’s strengths as a national leader in complex and specialty care,” said Ralph Muller, CEO of the University of Pennsylvania Health System.
“Aligning with PHCS will offer new opportunities for Penn Medicine to expand our services in New Jersey, and enable a mutually beneficial relationship for patients by uniting options for close-to-home care with coordinated access to Penn Medicine’s world-class advanced medicine.”
Penn previously said Princeton would maintain day-to-day operational autonomy.
“Affiliating with the University of Pennsylvania Health System represents the best means of assuring that PHCS and its affiliates can continue to fulfill their mission and charitable objectives in the future,” said PHCS CEO and President Barry Rabner.
“When this partnership is finalized, members of our community will receive enhanced high-quality care right here, close to home, and they will enjoy the added benefit of easier access to the latest medical breakthroughs, clinical trials, cutting-edge technologies and specialized clinical expertise here and elsewhere in the Penn Medicine system.”
Princeton said it considered 17 potential partners before deciding on Penn.
“PHCS is an impressive organization which plays a crucial role in ensuring the health of New Jersey residents,” said Larry Jameson, dean of the Perelman School of Medicine and executive vice president of the University of Pennsylvania for the Health System. “We look forward to many new initiatives as we join together.”