In Brief: Parma Community May Join University Hospitals; Edward, Elmhurst Complete Merger
Parma Community General May Join University Hospitals System
Cleveland-based University Hospitals has signed a letter of intent that would merge 332-bed Parma Community General Hospital into its 10-hospital system. The facility serves the Cleveland suburbs of Parma, Parma Heights, Brooklyn and Brooklyn Heights and is considered one of the top community hospitals in the nation.
Parma reported net income of $4.4 million in 2011, according to its most recent available tax return, but lost nearly $2 million in 2010.
“As an independent hospital, we – like many other independent hospitals – have faced increasing challenges and cost pressures that have made our mission more difficult to fulfill," said Terence Deis, Parma Community's chief executive officer. “The possibility of this integration is exciting and holds an opportunity for significant and positive investments ensuring our longterm viability. As one of the most forward-thinking health care systems in the country, University Hospitals will provide extraordinary benefits immediately and for years to come.”
A deal to integrate Parma into the University system is expected to be finalized by the end of the year, officials said.
Edward, Elmhurst Complete Merger
Edward Hospital & Health Services and Elmhurst Memorial Healthcare, both hospital operators in the suburban Chicago area, finalized their merger last week and selected new leaders to oversee the newly formed three-hospital system.
Pam Davis will serve as chief executive officer of the new system, while Mary Lou Mastro was named chief executive officer of Elmhurst Memorial Healthcare. She was previously president of the Linden Oaks Hospital at Edward in Edward, Ill. Chris Mollet, Edward's former general counsel, will serve as general counsel for the merged entities. Vincent Pryor, Edward's former chief financial officer, will be the CFO of the new system.
“This is an historic day for residents of our communities because it brings together and strengthens important community-focused institutions with long histories of serving the western and southwestern suburbs,” Davis said. “While Elmhurst Memorial and Edward are already nationally recognized for quality and patient satisfaction, our collaboration will lead to even higher quality, and improved services and efficiencies for our patients as we meet the challenges of healthcare reform.”
The system has 7,700 employees, including a medical staff of nearly 1,700.
