UChicago Medicine first announced its intention to form a joint venture with AdventHealth last fall when it signed an agreement to acquire control of AdventHealth’s Great Lakes Region facilities. Today’s announcement strengthens the relationship of the two health systems. They say the joint venture deal officially ends on January 1. UChicago declined to disclose the purchase price.
UChicago Medicine currently has control of four AdventHealth hospitals in Illinois at Bolingbrook, Glendale Heights, Hinsdale and La Grange, along with nearly 50 physician offices and outpatient locations. Each of those facilities will be co-branded and operated under the new generic name.
Although UChicago Medicine has control of the local AdventHealth facilities, AdventHealth, an Adventist health care system based in Altamonte Springs, Fla., retains the remaining ownership. and will continue to manage the day-to-day operations of these facilities. Both health systems will maintain a separate system-level administrative and administrative staff, they said.
“With the launch of this association, we are fortunate to continue to build on our rich heritage of holistic human care and to continue our mission and commitment to make communities healthier for years to come,” said Terry Shaw, president and CEO of AdventHealth, in a statement.
Health systems expect the new venture to lead to improved outcomes for patients as doctors from both organizations work together and collaborate to deliver high-quality, value-based care.
To oversee the partnership, UChicago Medicine’s Dean of Gynecology, Dr. Sandra Valaitis has been appointed the associate’s chief physician. She will work closely with Dr. Bela Nand, medical director of UChicago Medicine AdventHealth Hinsdale and La Grange, on physician collaboration, clinic integration, and program development.
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“The greatest benefit of this partnership is for the patient,” said Tom Jackiewicz, president of the University of Chicago Medical Center. “Now, AdventHealth Great Lakes patients will have seamless access to UChicago Medicine’s specialty and subspecialty care and the latest clinical trials, without travelling.”
The AdventHealth deal is just the latest expansion by UChicago Medicine, which is based in Hyde Park and employs about 1,600 doctors. Last year, UChicago unveiled plans to build a new $633 million cancer center in Hyde Park, which is believed to be the first independent cancer center in Chicago. UChicago Medicine also broke ground last year on a 130,000-square-foot general ambulance center in Crown Point, Ind.
According to Crain data, UChicago Medicine is one of the largest health systems in the Chicago area by revenue. It reported $2.5 billion in net patient revenue in 2021.
Meanwhile, AdventHealth operates more than 50 hospitals in nine states and employs more than 80,000 people, about 2,400 of whom are doctors.
This story first appeared in Crain’s Chicago Business.
