Details of Highmark-West Penn Allegheny agreement released
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The affiliation agreement between Highmark, Inc. and West Penn Allegheny Health System calls for Highmark to provide $50 million to the ailing health system within the next 180 days. That follows the $50 million grant provided in June when the two announced they intended to join forces, and $100 million -- half of it a grant and the other half a loan -- provided when the two reached an agreement last week.
In addition, the agreement calls for $100 million loans to be advanced on April 1, 2013 and April 1, 2014 plus a $1 million endowment fund for UPE, the new nonprofit parent company formed under the agreement.
The agreement is available for viewing on the Highmark website at https://www.highmark.com/hmk2/about/newsroom/2011/hmwp/forma.pdf
First Published November 8, 2011 4:32 pm