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Monday, May 27, 2024

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Due Diligence on Hospital Merger ‘Going Well’

Shown is a file photo of Cape Regional Medical Center in Court House.
Courtesy Google

Shown is a file photo of Cape Regional Medical Center in Court House.

By Vince Conti

COURT HOUSE – When Cape Regional Health System announced the planned merger with Cooper Regional Health System, the hope had been that a definitive agreement would be signed in March. That date has slipped a bit, but due diligence on the merger is going well, according to Thomas Piratzky, executive director of the Cape Regional Foundation. Piratzky said the two medical systems expect to sign their definitive agreement in April. 

Following the signing of a definitive agreement between the parties, a long process of regulatory approval ensues, with a completed merger probably in the first half of 2024. 

Back in December 2022, the two entities signed a letter of intent to merge, creating an entity with more than 10,000 employees and $2.2 billion in revenues.  

The combined health system will span eight counties with its two hospitals, six urgent care facilities and 130 ambulatory locations. Cooper also brings to the merger the only Level 1 trauma center in South Jersey. Cooper is also home to the M.D. Anderson Cancer Center. 

Regulatory approval is not a given. At least two North Jersey health care system mergers met with regulatory resistance in 2022. Officials at Cooper and Cape Regional see many benefits of the proposed union that would strengthen overall health delivery in South Jersey. 

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