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March 27, 2018

Hartford HealthCare to acquire St. Vincent's in Bridgeport

Wikimedia Commons St. Vincent's would become Hartford HealthCare's seventh hospital -- and its first in Fairfield County.

Hartford HealthCare said Tuesday that it has agreed to acquire St. Vincent’s Medical Center in Bridgeport, a deal that would add its first Fairfield County hospital.

HHC said it’s signed a nonbinding letter of intent with Ascension, which counts St. Vincent’s as its sole Connecticut hospital out of 153 across the country.

Terms of the deal were not disclosed, though financial details will likely be revealed during the state approval process that would lie ahead.

St. Vincent’s Medical Center and its subsidiaries reported a loss from operations of $22.9 million in the fiscal year ended Sept. 30, 2016, according to data filed with the state Department of Public Health. Within that, the hospital reported an operating loss of $6.1 million.

St. Vincent’s has more than 3,200 employees and includes a 473-bed community teaching hospital, 76-bed inpatient psychiatric facility in Westport, large multispecialty provider group, and St. Vincent’s Special Needs Services.

Hartford HealthCare would continue to operate St. Vincent’s in compliance with Catholic traditions, according to a joint news release. Ascension bills itself as the world’s largest Catholic health system.

The proposed deal would not include St. Vincent’s College and certain other assets, the parties said.

“In our rapidly evolving healthcare environment, healthcare providers have a greater opportunity to successfully serve individuals and communities by working in clinically integrated systems of care,” said Patricia A. Maryland, executive vice president of Ascension and president and CEO of Ascension Healthcare. “And Hartford HealthCare is Connecticut’s most comprehensive healthcare network.”

HHC has more than 19,000 employees. St. Vincent’s would be the system’s seventh hospital, following the approval late last year of its acquisition of Charlotte Hungerford in Torrington.

HHC also has a behavioral health network, multispecialty physician group, homecare system, and other offerings.

The system reported a $207.2 million margin in the fiscal year ended Sept. 30, 2016, according to data filed with DPH.

“Hartford HealthCare would be privileged to partner with the people of St. Vincent’s who have done so much for their communities,” said Elliot Joseph, CEO Hartford HealthCare. “Together, we can provide even broader access to St. Vincent’s excellent care to residents of Fairfield County.”

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