CHICAGO - Two Illinois based not-for-profit healthcare systems -- Northwestern Memorial Healthcare and Cadence Health - said they plan to complete their merger on Sept. 1.
The boards of each system had previously approved the combination. The combined system will form an integrated academic healthcare delivery system with more than 60 sites in Chicago and its suburbs, including four hospitals, more than 4,000 physicians, and 17,600 employees, according to a joint statement.
The completion of the merger comes after the systems received all needed state and federal regulatory approvals. The two have not announced how the debt of each nonprofit system would be treated once the systems merge.
NMHC is the parent of Northwestern Memorial Hospital in downtown Chicago, Northwestern Medicine Lake Forest Hospital in Lake Forest far north of Chicago, and Northwestern Medical Group. The system generated $1.7 billion of revenue in its last fiscal year, before it acquired the medical group.
Cadence Health was formed in 2011 when Central DuPage Hospital in the far west Chicago suburb of Winfield merged with Delnor Hospital located far west of Chicago in Geneva. Cadence generated revenue of $1.13 billion in its last fiscal year.
The systems will operate under the Northwestern name and Northwestern's chief executive, Dean Harrison will be CEO of the merged outfit with Mike Vivoda, the current president and CEO of Cadence Health, as regional president.
Both systems carry ratings in the double-A category.