Care New England and Southcoast Health have signed a letter of intent to merge and create an eight-hospital affiliation and a new parent organization overseeing both health systems.
Care New England, based in Providence, Rhode Island chose Massachusetts-based Southcoast Health after soliciting for proposals, according to Monday's joint announcement from Dennis D. Keefe, president and CEO of Care New England, and Keith A. Hovan, president and CEO of Southcoast.
The new organization would be comprised of eight hospitals, a network of ambulatory sites, two established accountable care organizations, more than 1,700 aligned physicians and providers and a continuation of the academic relationship with The Warren Alpert Medical School of Brown University.
The Care New England Board evaluated potential partners based on the advancement of population health, the delivery of community-based care and a commitment to academic medicine, among other factors they said.
"In most every respect," said George W. Shuster, chairman of the CNE Board, "Southcoast represents the best possible choice in enabling us to move forward strengthening quality, transitioning to population health, improving the value proposition, finding the right structural and cultural fit for both organizations, and maintaining our valued relationships with key academic, provider and organizational partners."
The deal is subject to due diligence and regulatory approval.