![]() ![]() “To quote Fitch, ‘If the merger is consummated, Fitch believes that there is upside potential for BHS’s outlook or rating,”’ Huss said. Huss said the Fitch Rating also reflected the potential of the merger, which was positive. In 2019, BHS was part of a merger that brought Clarion Hospital into its network, which is a 70-bed facility providing 24-hour emergency service among other features.Īccording to Fitch Ratings, the merger would create a new five-hospital health system with combined board representation and more than $1 billion of total annual revenues. It continues to hire and fill vacancies, and it successfully negotiated contracts with its represented nurses and engineers over the past few months.”Įxcela Health is a 578-bed, not-for-profit health system in Westmoreland County that includes three licensed, acute-care hospitals - Excela Frick Hospital in Mount Pleasant, Excela Latrobe Hospital in Latrobe and Excela Westmoreland Hospital in Greensburg.īutler Memorial Hospital is a 326-bed acute-care facility with a broad range of surgical, medical, emergency and psychiatric services. “BHS has maintained staffing far better than most. “Fitch wants to see what happens as part of its due diligence process,” Huss said. He also said the rating given by Fitch has no bearing on client experience. Through the nine months ending March 31, 2022, the system's operating loss was $8.2 million.Īccording to Huss, Fitch isn’t updating its “A” rating of outstanding BHS bonds until merger discussions with Excela are complete. ![]() The Definitive Agreement and other legal documentation had been submitted to the state and federal government for review. The two organizations signed a letter of intent to merge into one health system that will employ about 7,300 people. The rating came after the health system reported to Fitch an operating loss of $11.2 million for the 2021 fiscal year. Butler, PA, January 3, 2023: Officials at Excela Health (EH) and Butler Health System (BHS) today announced they have finalized the joining of the two organizations, creating a new health system serving western Pennsylvania. Butler Health System and Excela Health are merging into a new health system. Last week, Fitch Ratings, a financial services company based in New York, issued a rating watch for BHS related to $79 million in revenue bonds. To support our local, independent newsroom, please subscribe at. Subscribers can read the full story at the link below. Independence Health System has 7,300 employees and more than 1,000 physicians and advanced practice providers, serving a population of 750,000.Ī portion of this story is shared with you as a digital media exclusive. It is the third largest in Western Pennsylvania. The two health systems merged in January and according to the Post-Gazette, both hospitals reported huge operating losses - Butler 23 million and Excela 15 million for the six month period. Independence Health System includes Butler, Clarion, Frick, Latrobe and Westmoreland hospitals along with numerous outpatient facilities. Hospital executives continue to mull a name for the Pittsburgh region’s newest health system, three months after the deal was inked, as the five. Independence Health System has a breadth and depth of services that make it indispensable to our patients and physicians.” Excela Health and Butler Health System on Monday announced the new name of its combined health system: Independence. 1 of this year, we successfully formed the new organization. “Last June, two like-minded, independent health systems announced their intent to come together with the goal of creating a new and distinct healthcare choice for patients in Western Pennsylvania,” said Ken DeFurio, president and CEO of Independence Health System. Butler Health System and Excela Health announced Monday, May 22, that their newly combined organization will be called Independence Health System. Butler Health System and Excela Health finalized their merger on January 1, creating a new five-hospital system in western Pennsylvania, according to an announcement released this week. ![]()
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