Summa Health System is expected to announce this morning that it has selected a larger hospital system to become a minority owner and partner.
The deal comes seven months after Summa, Summit County’s largest employer, confirmed it is seeking a “like-minded,” bigger health-care system to strengthen its financial position and service offerings through a partnership.
“I can confirm that we have completed phase one of our search for a minority partner, with the Summa Health System board of directors approving a letter of intent with a nonprofit health-care organization that shares our vision for the delivery of health care,” Summa spokesman Mike Bernstein said Wednesday.
Bernstein declined to identify the hospital system or to answer any questions about the deal until an announcement is made today.
Summa President and Chief Executive Thomas J. Strauss previously said the health system is trying to be “proactive rather than reactive” in a changing health-care environment by seeking a partnership.
“We can survive and we can thrive on our own,” he said in an interview last year. “But if we’re going to be transformational, maybe it’s the right time to explore a partnership.”
Cheryl Powell can be reached at 330-996-3902 or firstname.lastname@example.org. Follow Powell on Twitter at twitter.com/abjcherylpowell.