Highmark completes affiliation with Jefferson Medical Center
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Highmark Inc. and Jefferson Regional Medical Center are officially partners, as of today.
The affiliation plan between the South Hills hospital and the state's largest health insurer, announced last year, is effective today, following the closing of the affiliation transaction.
With the closing of the deal, which gives Highmark a controlling board interest in the medical center, Jefferson "becomes the first health system to officially join Highmark's new integrated delivery system," according to a press release from Highmark.
Highmark is also in the process of trying to acquire controlling stakes in West Penn Allegheny Health System and the Saint Vincent Health System in Erie.
In exchange for surrendering control of the hospital, Jefferson gets up to $200 million in long-term obligation debt and pension guarantees, cash for capital expansion and $75 million for the Jefferson Regional Medical Center Foundation.
First Published March 1, 2013 10:30 am