Agreement moves UW Health merger forward
Merger first announced in April
MADISON, Wis. — The merger of a health system in Rockford, Illinois, with University of Wisconsin Health in Madison is proceeding with the signing of an agreement.
SwedishAmerican Health has had an affiliation with UW Health since 2010 that led to the creation of a $40 million cancer center that opened in October 2013, according to a release. The merger was first announced in April.
The agreement includes $255 million in investment in the Rockford market for information technology, hospital infrastructure, and new clinical care locations, according to a release.
UW Health and SwedishAmerican expect to finalize the transaction in January of 2015. The transaction will requires state and federal regulatory approvals.
“This agreement means better patient care in the Rockford region,” said Tom Walsh, chairman of the Rockford based SwedishAmerican board. He said SwedishAmerican will retain its name and identity as a division of UW Health, presented in a new logo.
The CEO of SwedishAmerican will continue to serve and report to the boards of both organizations.
“UW Health seeks partners like SwedishAmerican who share our commitment to enhancing the health of the communities we serve. As we have worked closely together, we have confirmed that we share a set of values focused on continually improving our approach to delivering community-based health care,” said Dr. Jeffrey Grossman, senior associate dean for clinical affairs at the UW School of Medicine and Public Health and president and CEO of UW Medical Foundation.