NJBIZ- The boards of trustees of Englewood Health and Hackensack Meridian Health announced on Tuesday they have signed a definitive agreement to merge.
In a joint press release, the two organizations said the strategic move allows for new and more robust collaboration between the not-for-profit systems that extends beyond an existing clinical and academic affiliation, forged in 2015.
“Englewood Health and Hackensack Meridian Health share a common mission and commitment to quality,” said Robert Garrett, chief executive officer of Hackensack Meridian Health. “We are thrilled Englewood wants to be part of Hackensack Meridian Health. We believe they will be a great addition to our network. We will continue to improve the well-being of communities with more cost-effective care that delivers quality, safe outcomes, clinical excellence and a superior experience.”
Following regulatory approval of the merger, Hackensack Meridian Health said that it has committed to a $400 million capital investment at Englewood Health. This investment would further position Englewood Health as a tertiary hub in northern New Jersey with a focus on cardiovascular care, neurosciences, oncology, robotic surgery, women’s health and neonatal intensive care, stroke care, thoracic surgery and an ambulatory care network throughout the region.
“As a health care system, we need to continuously evolve in order to provide our community with increased access to high-quality care and more specialties and services, close to home,” said Warren Geller, president and CEO of Englewood Health. “This decision is about building the most efficient, most effective health system possible to benefit the communities we serve.”
“Over the past decade there have been significant investments in our facilities and technology from which our patients are benefiting, and we intend to invest in further advancements,” Geller said. “Joining Hackensack Meridian Health will ensure our ability to deliver world-class care to the communities we serve in a broader way, with greater resources and more cutting-edge technologies available to us.”
An expanded affiliation with Hackensack Meridian’s medical school will enable Englewood to become a tertiary academic hub in the region. In addition, Englewood Health will benefit by Hackensack Meridian Health’s partnerships with other institutions, such as Memorial Sloan Kettering Cancer Center and Carrier Clinic – New Jersey’s largest behavioral health provider.
“We welcome Englewood Health with open arms,” said Gordon Litwin, chair of the Hackensack Meridian Health board of trustees. “This is an exciting time for health care in New Jersey and beyond. Hackensack Meridian Health is leading the way in advancing the delivery of health care through groundbreaking partnerships and innovation – truly redesigning how care is delivered. We look forward to taking the next steps to make this merger a reality,” Litwin said.
“Englewood Health has deep roots in our community, having been here for more than a century, and we will continue to do everything possible to better serve our community,” said Thomas C. Senter, chairman of the Board of Trustees at Englewood Health. “Joining Hackensack Meridian Health will help us to continue to build greater access to care in our region and throughout New Jersey.”
The signed deal follows an extensive review of clinical, regulatory, service, and financial issues by the two systems and will undergo regulatory review by the state’s Office of the Attorney General, New Jersey Department of Health, and the Federal Trade Commission before being finalized.