Einstein Healthcare Network and Thomas Jefferson University, two of Philadelphia’s most renowned health care systems, intend to merge in a move announced by officials on March 27.
"This merger would enable Einstein to continue living its mission of providing high-quality care with humanity, humility and honor, and also provide opportunities for growth and expansion currently out of the organization’s reach,” Einstein President and CEO Barry R. Freedman told NBC Philadelphia.
Einstein is made up of four entities, composed of medical facilities located in Elkins Park, Montgomery Township, and MossRehab in addition to the Logan location.
Jefferson oversees 13 hospitals and two universities: Philadelphia University and Thomas Jefferson University.
Prior to the merger, Einstein's credit rating was downgraded twice, according to Philly.com. Initially, Einstein was downgraded in October 2017 for losing $23 million in the fiscal year between June 30, 2016 to June 30, 2017. In March, its credit rating was additionally lowered to junk status.
If the proposed merger is finalized, Jefferson's annual revenue would be close to $6 billion according to Philly.com.
In comparison, the University of Pennsylvania Health System generates approximately $7.8 billion in annual revenue, a figure that has been boosted after their acquisition of the Princeton HealthCare System.