The following is a press release from the Chester County Hospital.
The Chester County Hospital and Health System (TCCHHS) announced today the signing of a non-binding Letter of Intent to join the University of Pennsylvania Health System (UPHS). In August 2012, The Chester County Hospital and Health System announced its intention to seek a strategic corporate partner for its West Chester, PA-based system. The confidential Letter of Intent provides for a period of due diligence during which time UPHS will review additional information regarding TCCHHS. TCCHHS already has existing relationships with Penn in the areas of cancer, radiology, radiation oncology and maternal fetal medicine.
William W. Wylie, Jr., Chairman of The Chester County Hospital and Health System, commented, "Throughout this process we spoke with many excellent organizations, but it quickly became clear to our Strategic Planning Committee and our Board of Directors that the potential to join the University of Pennsylvania Health System was the best decision for our community and our Health System."
Ralph W. Muller, CEO of the University of Pennsylvania Health System, noted that TCCHHS "is an outstanding organization, and its incorporation into our Health System would bring significant benefit to both institutions and the communities we serve. We look forward to working collaboratively with the excellent physician and administrative staff to reach a definitive agreement."
The Chester County Hospital was founded in 1892 as the first hospital in Chester County. Today, the Hospital staffs 220 beds and is building a new patient tower that will open in the summer of 2013 with the capacity for 72 private patient rooms; future plans call for a new Women and Babies Wing. In addition, the project includes the installation of a state-of-the-art Varian TrueBeam linear accelerator to offer the most advanced radiation therapy for cancer patients.
Kevin Holleran, Esq., Chairman of The Chester County Hospital Foundation, stated, "The University of Pennsylvania Health System is a world renowned leader in patient care, education and research. We are excited about bringing these resources, knowledge and expertise to our community and accelerating our Vision to be the leading provider of care in our region and a national model for quality, service excellence and fiscal stewardship."
"We value our existing relationships with Penn in the areas of cancer, radiology, radiation oncology and maternal fetal medicine," stated Michael J. Duncan, President and CEO of TCCHHS, "and fully believe that they will make the best partner for our Health System. We will blend the clinical excellence and innovative aspects of Penn with our longstanding and deep-rooted Mission to serve our community."
The two organizations will begin working on due diligence, final agreements and start the legal and regulatory review process in the hopes of completing the transaction in the Spring of 2013. Terms of the Letter of Intent were not disclosed.