Palos Health And Loyola Medicine Announce Letter Of Intent
PALOS HEIGHTS, Ill., Jan. 21, 2019
PALOS HEIGHTS, Ill., Jan. 21, 2019 /PRNewswire/ -- Palos Health and Loyola Medicine have signed a non--binding letter of intent (LOI) to explore opportunities to build upon their strategic partnership that began in 2015. The parties will enter a due diligence process with the goal of Palos Health and its affiliate organizations joining Loyola's comprehensive regional health system. Loyola is a member of Trinity Health, one of the nation's largest Catholic healthcare systems.
Palos Health, serving Chicago's south and southwest suburbs, is a fully integrated, community-based healthcare system consisting of Palos Hospital, Palos Medical Group, Sigma Patient Safety Organization, Palos Imaging and Diagnostic Center, Palos Health South Campus in Orland Park, Palos Home Care and Hospice and Chicago Health Colleagues, a clinically integrated physician network.
In 2015, Palos Health and Loyola Medicine formed an academic affiliation that allowed Palos to expand its clinical services. The innovative academic affiliation resulted in several patient-care initiatives, including a telestroke program that brings the expertise of Loyola stroke specialists to the patient's Palos Hospital bedside and streamlined trauma transfers and subspecialty referrals from Palos to Loyola.
Last year, Palos opened an 83,000-square-foot expansion of the Palos Health South Campus in Orland Park, which features 47 specialty and primary care exam rooms, staffed by Loyola physicians, and Palos and Loyola jointly own an outpatient surgery center and a radiation oncology center featuring the first Viewray MRIdian(r) radiation therapy system in Illinois.
The proposed transaction will build upon the organizations' synergies and expand Loyola's regional system to enhance access to care and services, retain and attract the best clinical staff and physicians and continue to provide high-quality care to Chicago's south and southwest suburban communities.
"We are operating in an incredibly dynamic healthcare landscape. Over the past few years, we've steadily evolved our institution to not only respond to these changes, but to capitalize and drive forward in a position of strength," said Terrence Moisan, M.D., president and CEO of Palos Health. "Our patients are our priority at Palos Health and one way we have maintained this commitment is by seeking strategic partnerships to best serve our communities. By fully integrating with Loyola Medicine, we will enhance our clinical strength, increase our flexibility and provide our community with more comprehensive care across an expanded region."
Loyola Medicine's regional system includes Loyola University Medical Center, Gottlieb Memorial Hospital, MacNeal Hospital and its affiliated operations acquired from Tenet Healthcare in 2018, and a large ambulatory network offering primary and specialty care at locations throughout Cook, Will and DuPage counties.
"We have built a strong relationship with Palos over the years. Many physicians at Palos Health trained at Loyola University Medical Center and we have been providing tertiary care to Palos patients in the south and southwest suburbs for decades. A strong partnership with the exceptional clinicians at Palos will provide greater value to the members of our communities," said Shawn P. Vincent, president and CEO of Loyola Medicine and president of Trinity Health's Illinois region.
"Palos, under Dr. Moisan's and the Palos Board leadership, has created a health care delivery system that provides outstanding care and service for their community," said Richard J. Gilfillan, M.D., chief executive officer of Trinity Health. "We are excited about the opportunity to bring together the Palos and Loyola Medicine care teams and capabilities to ensure the provision of high-quality and high-value care to the community for many years to come."
The due diligence process is expected to take several months. The terms of the LOI are not being disclosed. Palos Health will continue to operate as a not-for-profit corporation.
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SOURCE Loyola University Health System