CentraState Healthcare and Atlantic Health System are expanding their partnership, with CentraState joining the Atlantic Health System network of care.
A Letter of Intent recently signed by both systems designates Atlantic Health the majority-corporate member in CentraCare, thus creating a “unique model for health system co-ownership,” according to a news release. Under the new model, both CentraCare and Atlantic Health will hold seats on a CentraState governing board.
“After two years of study, we invited AHS to be a co-member of CentraState because we firmly believe that they share the values, philosophy and commitment to community that is the hallmark of CentraState,” said John T. Gribbin, CentraState President and CEO in a statement. “Our organizations align in mutually beneficial ways, with the constant focus on a common culture of commitment to our patients, physicians and employees.”
Based in Freehold, CentraState touts a 284-bed acute-care hospital, a health and wellness campus, three senior living communities, a charitable foundation and four satellite health pavilions. Atlantic Health System serves more than half of the state of New Jersey including 11 counties and 4.9 million people at over 400 facilities, including seven hospitals: Morristown Medical Center, Overlook Medical Center, Newton Medical Center, Chilton Medical Center, Hackettstown Medical Center, Goryeb Children’s Hospital and Atlantic Rehabilitation Institute.
A five-year plan endorsed by both system’s boards seeks to strengthen integrated clinical services, physician networks and infrastructure through “significant capital investments.”
Both organizations will now engage in a due diligence process according to a news release, with the aim of working towards an agreement to define the specifics of the relationship in the future. State and federal approval will be necessary before the full transition can be considered complete.
“We are thrilled to partner with CentraState to support their longstanding commitment to the community and make this investment in the health and well-being of New Jersey’s residents and families,” said Brian Gragnolati, President and CEO, Atlantic Health System. “Having worked closely over the past few years with the CentraState team, we feel fortunate for this opportunity to combine our talents and resources to deliver high quality, affordable and accessible care for patients across the State.”