Two of Philadelphia's well-known health care systems announced an intent to merge, officials with both organizations announced Wednesday.
Einstein Healthcare Network and Jefferson, which oversees hospitals, universities and clinics, would combine under the plan, according to a statement.
Officials with Einstein and Jefferson said the merger possibility is now entering initial stages, during a news conference at Einstein Medical Center in the Logan section of North Philadelphia.
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"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 said.
Einstein is made up of four entities: the Logan location as well as medical facilities in Elkins Park and Montgomery Township and MossRehab.
Earlier in March, its credit was downgraded to junk rating, Philly.com reported. That followed an earlier downgrading in October last year after reports that Einstein lost $23 million in the fiscal year that ended June 30, 2017.