Wednesday, October 24, 2012
Advocate To Acquire Centegra-Huntley's Sherman Competitor
Centegra CEO Michael Eesley in a statement said, "It comes as no surprise," especially since he'd told the State Health Facilities and Services Review Board the deal was in the works when Sherman and Advocate opposed approving Centegra Huntley.
Eesley said adding Sherman to Advocate's 10-hospital group won't put Centegra at a disadvantage because his group is already part of the 28-hospital Quality Health Solutions group. "Centegra’s partnership with QHS allows us to remain independent, while sharing knowledge, cost sharing, best practice, and influence," he said.
Tuesday's announcement from Sherman didn't include details but an FAQ about the deal posted to the company website Tuesday suggests the kind of "partnership" Jonah had with the whale. "In simple terms, Advocate Health Care would become the parent company of Sherman Health Systems," it said.
Sherman doubled its debt load to open its three year-old hospital on Randall Road seven miles from Centegra's planned new Huntley site. Officials told the Review Board they've had trouble filling all the new beds in it, though. The Sherman Advocate linkup isn't expected to become final until next year.
In the pic: Sherman Hospital, Elgin.