Virtua Signs Agreement to Acquire The Lourdes Health System
Virtua Health is moving ahead with its bid to acquire Lourdes Health System.
The Boards of Virtua Health signed a definitive agreement to move forward with the acquisition of the Lourdes Health System, which includes Our Lady of Lourdes Medical Center, Camden, Lourdes Medical Center of Burlington County, Lourdes Medical Associates and Lourdes Cardiology Services. David Kindlick, chairman of the Virtua Board of Trustees says, “As representatives of the community, we are constantly thinking about how Virtua can improve the health status of the people of South Jersey. Virtua and Lourdes offer complementary services. Bringing our organizations together creates a more fully integrated network offering greater access and care options for our patients. It just makes good sense.”
The combined organization will offer tertiary and community care through a robust clinically integrated network. An additional driver of the acquisition will be to leverage the expanded Virtua footprint to create scale and shared infrastructure, resulting in increased access and improved efficiencies in the future. Dennis Pullin, President and CEO of Virtua says, “Each organization has enjoyed a rich history. Together we recognize synergies not only around care delivery, but also around quality, culture, talent, and community engagement.”
“At Lourdes, we are thrilled to be joining with Virtua. Their passion and visionary approach to care is completely aligned with the Lourdes Health System, and we are looking forward to a bright future ahead,” says Reginald Blaber, M.D., president of Lourdes Health System. The agreement was reached after a non-binding letter of intent and subsequent due diligence period. Virtua leadership anticipates closing to coincide with state, federal and regulatory approval.