CLEVELAND — Michigan-based Beaumont Health is acquiring Akron’s largest employer, Summa Health, in a deal that will allow for growth and expansion in both Michigan and Ohio, according to a news release issued by both organizations.
Summa Health, with a revenue of $1.4 billion, and Beaumont Health, with $4.7 billion in total annual revenue, will come together under Beaumont Health.
In the letter of intent, it reveals both organizations will continue to invest in local healthcare by expanding programs and services.
Other revelations of note:
· SummaCare, Summa’s insurance product, will expand into new markets in Ohio. Summa’s expertise in risk-based health insurance contracts could also benefit Michigan employers.
· Both organizations could expand medical education and opportunities for students to train and work.
“Beaumont Health and Summa Health are already strong and successful health care leaders. By welcoming Summa into the Beaumont family, both organizations will share expertise, invest in each other and continue to thrive as the industry evolves,” Beaumont Health CEO John Fox said in a news release.
Fox said Beaumont will expand into Ohio and this year, and the organization will launch 30 new urgent care centers.
Summa Health CEO Dr. Cliff Deveny said the partnership allows physicians and employees to deliver quality care to people in Northeast Ohio.
"Before making this decision, we announced we were seeking a partner in September 2018 and received responses from multiple health care systems in Michigan as well as several in Ohio and other states," he said. "Beaumont understands and supports our commitment to the communities we serve and will invest in our future growth in Ohio.”
