Summa Health, Summit County’s largest employer and hospital system, has entered into a non-binding letter of intent with Health Assurance Transformation Corporation (HATCo), a groundbreaking initiative to shape the future of health care in Greater Akron. The agreement announced today signals Summa’s willingness to become a pioneer in the transformation of healthcare technology through the potential acquisition of HATCo.
The deal, expected to close by mid-summer, is intended to retain or expand Summa’s workforce and solidify its Akron headquarters, which is unique among other proposed mergers or sales, said Cliff, Summa’s president and CEO. Dr. Deveny emphasized. Summa includes Akron City Hospital, Barberton Campus, SummaCare Insurance Company and various outpatient facilities and has more than 8,000 employees.
If the acquisition goes ahead, Summa will undergo a transition from a nonprofit to a for-profit hospital. Proceeds from the sale will be earmarked for substantial community giving, and Deveny is similar to the GAR Foundation, which currently awards more than $7 million annually to greater Akron nonprofits.
George Strickler, chairman of Summa’s board of directors, emphasized that the focus of Summa’s endowment will cover all aspects of health and wellness, from housing and transportation to nutrition and addiction treatment.
In return for this transformation, HATCo aims to acquire a healthcare system that serves as a pioneer model for transforming healthcare worldwide. Notably, Summa’s name and leadership team and its safety net of services delivered to the community, including behavioral health care and emergency room treatment, will remain unchanged.
Summa takes a unique approach amid a nationwide trend of hospital groups merging or forming alliances with larger entities in response to the changing health care landscape. Dr. Deveny emphasized that “these models may temporarily improve the situation or break things down…but we are working hard to expand our impact through our strategic partnership with HATCo”. This joint venture represents a bold step into the future, placing Summa Health at the forefront of healthcare innovation.
