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Hartford HealthCare Signs Definitive Agreement to Acquire St. Vincent’s Medical Center

October 01, 2018

St. Vincent’s Medical Center in Bridgeport has signed a definitive agreement with Hartford HealthCare (HHC) for HHC to acquire substantially all of the assets of St. Vincent’s and its related operations. The transaction is subject to required governmental approvals.

St. Vincent’s, with more than 3,200 associates, includes a licensed 473-bed community teaching hospital, a 76-bed inpatient psychiatric facility in Westport, a large multispecialty provider group and St. Vincent’s Special Needs Services. St. Vincent’s is part of Ascension, the nation’s largest nonprofit health system.

“We are delighted to have reached an agreement whereby St. Vincent’s associates, physicians and volunteers will continue to provide safe, high-quality and accessible healthcare to the Bridgeport and Fairfield County communities,” said Patricia A. Maryland, DrPH, Executive Vice President of Ascension and President and Chief Executive Officer of Ascension Healthcare.

As part of Hartford HealthCare, St. Vincent’s will continue to be part of an organization that is trusted for the care it provides and for meeting the healthcare needs of the community. HHC is committed to operating St. Vincent’s in the Catholic tradition.

Hartford HealthCare, a fully integrated health system with more than 19,000 employees, currently includes six acute-care hospitals, the state’s most extensive behavioral health network, a large multispecialty physician group, a regional home care system, an array of senior care services, a physical therapy and rehabilitation network, and an accountable care organization. St. Vincent’s would be HHC’s second-largest hospital, after 867-bed Hartford Hospital.

“Hartford HealthCare and St. Vincent’s share many attributes,” said Elliot Joseph, Chief Executive Officer of Hartford HealthCare. “Our two organizations have deep roots in Connecticut. We both are committed to providing excellent, compassionate care and to creating healthier communities. We are proud of the work the people of St. Vincent’s have done so well across Fairfield County and beyond. Hartford HealthCare would be privileged to work with the St. Vincent’s team to enhance access to exceptional, personalized, coordinated care.”

“As we look forward to receiving all necessary approvals and finalizing the transaction, our caregivers, physicians and volunteers are focused on continuing to deliver safe, compassionate, personalized care to those in our community we are privileged to serve,” said Dawn Rudolph, St. Vincent’s President and CEO.

Related story: Hartford HealthCare Adds Daglio to Oversee St. Vincent’s Medical Center Acquisition

FAQ

What has been announced?

  • St. Vincent’s Medical Center in Bridgeport and Hartford HealthCare (HHC) have signed a definitive agreement for St. Vincent’s to be acquired by HHC.
  • Through this transaction, most of St. Vincent’s health services will become part of Hartford HealthCare. St. Vincent’s College is not part of this transaction.
  • St. Vincent’s Medical Center, a 473-bed teaching hospital, would be HHC’s second-largest hospital, and HHC’s first hospital in Fairfield County.
  • St. Vincent’s is part of Ascension, the largest nonprofit health system in the U.S. and the largest Catholic health system in the world.

What is a definitive agreement?

  • It means both organizations have come to an agreement on how St. Vincent’s will join HHC.
  • This agreement comes after a Letter of Intent that both organizations signed in March.
  • Since then, we have conducted due diligence and fact-finding to make sure the transaction would be in the best interests of the patients and communities we serve.
  • Many operational details are still being determined. In addition, governmental approvals will be required before the transaction can be completed. We cannot predict how long the process will take.

Why the partnership between HHC and St. Vincent’s?

  • HHC was chosen to acquire St. Vincent’s because of our Connecticut heritage; shared values of integrity, excellence and dedication; shared missions of community service; and because of HHC’s high-performing and well-integrated care continuum and many accomplishments.
  • Ascension’s goal, in coordination with the Board of St. Vincent’s, has been to position St. Vincent’s so it can continue to provide safe, high-quality healthcare to the Bridgeport and Fairfield County community.
  • Healthcare providers have a greater opportunity to successfully serve individuals and communities by working in clinically integrated systems of care within the state — and Hartford HealthCare is Connecticut’s most comprehensive healthcare network.

Will St. Vincent’s remain Catholic?

  • HHC is committed to operating St. Vincent’s in the Catholic tradition.

What changes today?

  • Nothing. Reaching a definitive agreement is a major milestone but does not affect our day-to-day operations.

When will we know more about the transition of St. Vincent’s to Hartford HealthCare?

  • HHC, Ascension and St. Vincent will work through many operational details over the coming months as we move toward the anticipated transaction.
  • We are committed to sharing information with you as we go through this process.

What’s next?

  • Hartford HealthCare, Ascension and St. Vincent’s will work through many operational details over the coming months as we move toward the anticipated close of the transaction.
  • The transaction is subject to governmental approvals.

About St. Vincent’s.

  • Founded by the Daughters of Charity in 1903, St. Vincent’s Medical Center is a mission-driven organization committed to exceptional healthcare for all with special attention to persons living in poverty and those who are most vulnerable.
  • Visit St. Vincent’s website: Click here.