One month after receiving official regulatory approval, the parent of Saint Francis Hospital and Medical Center in Hartford on Thursday officially completed its merger with Michigan-based Trinity Health.
“This is an historic day for Saint Francis, our patients, employees, physicians, and community,” said Christopher Dadlez, president and CEO of Saint Francis Care.
The move by Saint Francis Care will have short- and long-term impacts for the hospital, particularly its finances, as Trinity has agreed to commit $275 million in capital over five years for infrastructure development, new health services lines, mergers and acquisitions, and doctor recruitment.
Trinity has also agreed to help St. Francis restructure its long-term debt, pay down its pension liability, and complete a conversion of its electronic medical record system.
Financial terms of the deal were not disclosed. Saint Francis Hospital and Medical Center, Mount Sinai Rehabilitation Hospital and other Saint Francis entities are under the new Trinity Health regional umbrella in New England.
Dadlez will be president and CEO of the new, yet-to-be-named New England region of Trinity Health. Throughout the country, Trinity operates in 21 states with 88 hospitals, 126 continuing care locations and $15 billion in annual revenues.
The two sides received approval from the Vatican and Connecticut regulators in early September.
