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Health and Medicine
Friday, August 28, 2015
Cleveland Clinic to complete take over of Akron General Hospital
The two health systems entered into a limited partnership last year that's 'gone very well'
by WKSU's KABIR BHATIA |
Reporter
Kabir Bhatia | | |
 | | Akron General also includes the Edwin Shaw Rehabilitation Institute. | | Courtesy of WKSU |
The Cleveland Clinic is exercising its option to take over Akron General, just one year into a partnership between the two hospitals.
Last year, the clinic bought a $100 million stake in Akron General, with an option to buy the rest within six years. Akron General CEO Tim Stover says the partnership worked so well that it made sense to act now. |
LISTEN: Akron General CEO Dr. Tim Stover on staffingOther options:  MP3 Download (0:13)
LISTEN: Akron General CEO Dr. Tim Stover on the advantage for the Cleveland ClinicOther options: MP3 Download (0:17)
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“There are no plans for staff cutting. As a matter of fact, this concept and our strategy with the clinic together is about growth; not about contraction. When the clinic and Akron General get together, this is about growing our services in our service area.”
Akron General has saved $1.3 million in the past year through the partnership, and is using the infusion of cash to construct a new ER. Stover says the combination of cultures is good for both health systems.
“They had a choice to make: They could either partner with a healthcare system that’s already existing in the county. Or they could come here and greenfield and build something. When they learned about the systems in Summit County, they found out that Akron General is the one they wanted to partner with. It makes more sense to partner in healthcare these days than it does to build.”
Stover says there are no plans to change Akron General’s name, nor to siphon patients from Akron up to Cleveland. He estimates it will take 30 to 60 days for federal approval of the deal. |
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