ALLENTOWN, Pa. — It’s a done deal. The Lehigh Valley’s largest employer is now owned by a Philadelphia-based health care system.
Lehigh Valley Health Network and Thomas Jefferson University Hospitals closed the deal today, Aug. 1.
“Today, we have the great honor of announcing that our transaction is complete and that we officially are a combined organization,” said Dr. Joseph Cacchione, chief executive officer of Jefferson Health.
“We are delighted to bring these two incredible organizations together as we look ahead at all the good we will do for the communities we’re privileged to serve.”Dr. Joseph Cacchione, chief executive officer of Jefferson Health
An event announcing the completion of the merger was held in the Jaindl Pavilion of LVHN’s Cedar Crest location with hundreds of LVHN and Jefferson employees in attendance.
“We are delighted to bring these two incredible organizations together as we look ahead at all the good we will do for the communities we’re privileged to serve,” Cacchione said.
“This milestone is even more significant as Jefferson celebrates its bicentennial, marking our longstanding commitment to improving lives through education, health care and discovery.
"As we create our third century, this is a historic moment for our 65,000 colleagues as it marks a new chapter in access, innovation, equity, and opportunity for patients, students and health plan members.
"We have many more milestones ahead as we share knowledge and integrate our operations.”
Maintain their identities
The two health care systems now form a regional partnership overseeing 32 hospitals and more than 700 outpatient care sites. The joint venture employs more than 65,000 people combined.
The large entity also has a national doctoral research university and an expanded not-for-profit health plan.
“We'll offer new educational and growth opportunities for our current clinicians and staff and achieve exceptional recruitment opportunities and assistance from Thomas Jefferson University, this world class institution, remarkably, has more than 200 graduate and undergraduate degree programs to choose from.”LVHN President Dr. Brian Nester
“We'll offer new educational and growth opportunities for our current clinicians and staff and achieve exceptional recruitment opportunities and assistance from Thomas Jefferson University, this world class institution, remarkably, has more than 200 graduate and undergraduate degree programs to choose from,” LVHN President Dr. Brian Nester said.
The sale comes after the two providers announced the intent to merge in December and signed a definitive agreement in May.
Under the terms, the two entities have said they will maintain their identities, integrate operations and create an integrated care delivery system, including a national research university and an expanded not-for-profit health plan.
Cacchione now serves as LVHN’s chief executive officer and LVHN’s former CEO, Dr. Brian Nester, will be executive vice president/chief operating officer of the Jefferson enterprise and president of the legacy Lehigh Valley Health Network, reporting to Cacchione.
The newly integrated board of trustees and leadership team is composed of members from both systems.
