AKRON, Ohio — Summa Health, an Akron-based, non-profit hospital system, is set to be acquired by health care venture capital firm Health Assurance Transformation Corporation (HATCo).
The two organizations have signed a non-binding letter of intent and say they anticipate finalizing a definitive agreement in the next several months. Within the new structure, Summa Health will become a for-profit organization.
What does this mean for patients who have relied on Summa Health over the years?
Summa Health says it will continue to provide the same essential services it currently offers, with a focus on continued growth and enhanced access to care. "All patients will continue to have access to quality, compassionate care through the physicians, providers and care facilities they’ve come to trust," the health system stated in a letter to the community.
In addition, Summa Health will continue to operate under the same logo, name, and brand. It will also continue to be based in Akron.
“This new structure will better serve our communities clinically, economically and socially. With HATCo, Summa Health will be able to increase local investment and introduce new resources that allow us to expand access to affordable, quality, coordinated care,” said Cliff Deveny, M.D., Summa Health President and CEO, in a statement. “We’re excited about new opportunities to enhance the patient and provider experience, strengthen our recruitment pipeline, build upon our commitment to medical education and training, and expand the growth of SummaCare to advance health equity and population health across the communities we serve.”
Although Summa Health will be transitioning to for-profit status, the two organizations pledged to maintain the health system’s commitment to charity care. As a result of the transaction, a community foundation will be created that advances Summa Health’s mission "through increased, focused investment into social determinants of health that benefits the entire Greater Akron area." Summa Health reports that it delivered $210.1 million in community benefit to area residents in 2022 and the two organizations say they are "deeply committed to continuing this long-standing work to improve the health of its region."
Will there be any cuts in jobs as a result of this acquisition? HATCo CEO Dr. Marc Harrison told Axios that would not be the case. "I want to be very clear: We do not anticipate reductions in force or job loss," Harrison said.
Before taking the reins of HATCo, owned by venture capital firm General Catalyst, Harrison previously served as CEO of Cleveland Clinic Abu Dhabi, chief of international business development at Cleveland Clinic, and chief medical operations officer at Cleveland Clinic.
Akron Mayor Shammas Malik issued a statement on Wednesday following the announcement of the acquisition.
“The City of Akron’s partnership with Summa will remain strong. My family, like much of our community, has depended on Summa for healthcare in difficult moments. My hope and belief is today’s announcement will ensure Akron families can continue to rely on Summa for excellent care for decades to come.
Change has been a constant in healthcare across the country and here at home. 35 years ago, Akron City Hospital and St. Thomas Hospital merged to form Summa, and now the system is looking to transform again. As a community, we will face these new changes head on, prioritizing patient health, community wellbeing, and support for Summa’s amazing employees.
I want to thank Dr. Cliff Deveny, his leadership team, and every Summa employee for their service to the community, as well as the Summa Board. We look forward to working with the Health Assurance Transformation Corporation (HATCo) on the future of healthcare in Akron.”
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