![]() ![]() ![]() "We are pleased that this partnership amplifies our ability to provide tertiary care, yet remain physician led and community focused. "The new System will provide additional services and better access to those services," said Ken DeFurio, Butler Health System president and CEO. It's expected to generate over $1 billion in revenue. A merger between Butler Health System and Excela Health has been finalized as of Sunday, officially creating a new health system serving Western Pennsylvania. This combination will support five hospitals, including Butler, Clarion, Frick, Latrobe and Westmoreland hospitals. In doing so, we can enhance access to care, decrease the cost of care and continue to focus on providing improved experiences and outcomes for patients," Excela CEO John Sphon said. "We believe strongly that our new partnership will extend our intellectual and financial capital. The two organizations signed a letter of intent to merge into one health system that will employ about 7,300 people and serve a population of 750,000 people with over 1,000 physicians and practitioners, officials announced Wednesday. Since March, at least 14 other hospital systems have had their. ![]() Butler Health System is far from alone in facing multimillion dollar losses during these times. The Definitive Agreement and other legal documentation had been submitted to the state and federal government for review. Over that same period, Excela lost 29.3 million, adding total losses for the combined system up to over 62 million. Butler, PA, January 3, 2023: Officials at Excela Health (EH) and Butler Health System (BHS) today announced they have finalized the joining of the two organizations, creating a new health system serving western Pennsylvania. Butler Health System and Excela Health announced. “To quote Fitch, ‘If the merger is consummated, Fitch believes that there is upside potential for BHS’s outlook or rating,”’ Huss said.PITTSBURGH (KDKA) - Butler Health System and Excela Health are merging into a new health system. The news comes mere months after its merger with Excela Health. Two western Pennsylvania medical systems have officially merged into one network that now provides health care to 750,000 Pennsylvanians. Huss said the Fitch Rating also reflected the potential of the merger, which was positive. Butler Health System and Excela Health finalized their merger on January 1, creating a new five-hospital system in western Pennsylvania, according to an announcement released this week. In 2019, BHS was part of a merger that brought Clarion Hospital into its network, which is a 70-bed facility providing 24-hour emergency service among other features.Īccording to Fitch Ratings, the merger would create a new five-hospital health system with combined board representation and more than $1 billion of total annual revenues. It continues to hire and fill vacancies, and it successfully negotiated contracts with its represented nurses and engineers over the past few months.”Įxcela Health is a 578-bed, not-for-profit health system in Westmoreland County that includes three licensed, acute-care hospitals - Excela Frick Hospital in Mount Pleasant, Excela Latrobe Hospital in Latrobe and Excela Westmoreland Hospital in Greensburg.īutler Memorial Hospital is a 326-bed acute-care facility with a broad range of surgical, medical, emergency and psychiatric services. “BHS has maintained staffing far better than most. “Fitch wants to see what happens as part of its due diligence process,” Huss said. He also said the rating given by Fitch has no bearing on client experience. Excela Health and Butler Health System on Monday announced the new name of its combined health system: Independence. Through the nine months ending March 31, 2022, the system's operating loss was $8.2 million.Īccording to Huss, Fitch isn’t updating its “A” rating of outstanding BHS bonds until merger discussions with Excela are complete. The rating came after the health system reported to Fitch an operating loss of $11.2 million for the 2021 fiscal year. Hospital executives continue to mull a name for the Pittsburgh region’s newest health system, three months after the deal was inked, as the five. Last week, Fitch Ratings, a financial services company based in New York, issued a rating watch for BHS related to $79 million in revenue bonds. ![]()
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