It’s official – Princeton Healthcare System will join the University of Pennsylvania Health System.
Kim Pimley, the chair of the Princeton HealthCare System Board of Trustees, announced the merger today at a press conference at the hospital in Plainsboro.
“The executive committee of the University of Pennsylvania Board of Trustees, and the Princeton HealthCare Board of Trustees approved plans for Princeton HealthCare to become part of the University of Pennsylvania HealthCare System,” Pimley said. “This will be good for our patients, our communities, our physicians, our employees and everyone who is touched by our work. ”
Princeton HealthCare CEO Barry Rabner and University of Pennsylvania Health System CEO Ralph Muller signed documents formalizing the agreement and posted for photos at the press conference attended by hospital and local officials.
The deal is pending state and federal approvals, and contingent upon closing conditions. Princeton HealthCare will maintain day-to-day operational autonomy.
“We are proud of this exciting opportunity to combine Princeton HealthCare’s strong reputation for providing excellent care in the community with Penn Medicine’s strengths as a national leader in complex and specialty care,” Muller said. “Aligning with PHCS will offer new opportunities for Penn Medicine to expand our services in New Jersey, and enable a mutually beneficial relationship for patients by uniting options for close-to-home care with coordinated access to Penn Medicine’s world-class advanced medicine.”
Last summer the companies signed a letter of intent to explore a partnership of some kind. Princeton began to seek a partnership with a larger hospital system last year to become more competitive. Seventeen partners were considered.
“Affiliating with the University of Pennsylvania Health System represents the best means of assuring that PHCS and its affiliates can continue to fulfill their mission and charitable objectives in the future,” Rabner said. “When this partnership is finalized, members of our community will receive enhanced high-quality care right here, close to home, and they will enjoy the added benefit of easier access to the latest medical breakthroughs, clinical trials, cutting-edge technologies and specialized clinical expertise here and elsewhere in the Penn Medicine system.”
Princeton HealthCare company operates a hospital, University Medical Center of Princeton at Plainsboro, which opened in 2012. The original hospital, located on Witherspoon Street in downtown Princeton, opened in 1919, and was demolished last year. The company also operates Princeton House Behavioral Health, which treats mental health and substance abuse patients. It also provides rehabilitation, home care, hospice care, ambulatory surgery, a primary and specialty medical practice, as well as fitness and wellness services.
Editor’s Note: We will update this story with more information later in the day.