MercyOne completes acquisition of Genesis
MercyOne has completed its acquisition of Genesis Health System, an Iowa-based health system.
The deal was announced in September 2022, and with its closure, all interests and operations of Genesis will become part of MercyOne. MercyOne, headquartered in central Iowa, is a connected system of healthcare facilities and services and a member of Trinity Health, one of the largest not-for-profit Catholic health care systems in the nation.
MercyOne was selected by the Genesis Health System board of directors as its partner after the health system began an exploration of sale in December 2021.
“As part of MercyOne, Genesis will be able to leverage the skill, talent and scale of national and regional resources while retaining our local leadership and focus,” Doug Cropper, Genesis Health System president and CEO, said in a statement. “We will deepen our commitment to quality, safety and patient experience and strengthen our workforce retention and recruitment efforts. By joining MercyOne, Genesis will continue our ability to grow, thrive and deliver more integrated care in the region.”
Under terms of the deal, Genesis Philanthropy and the Genesis Health Services Foundation will continue to serve the Quad-Cities-area communities. Genesis Health Services Foundation will remain a part of the unified health system, while Genesis Philanthropy will change its name to the Better Health Foundation and operate independent from the health system. MercyOne will provide $40 million to the Better Health Foundation to ensure its future as a preeminent granting organization. The foundation will be operational on July 1, 2023.
“We are excited to welcome Genesis to MercyOne and look forward to shaping a framework to enhance access to personalized, convenient health care across Eastern Iowa and Western Illinois,” Bob Ritz, president and CEO at MercyOne, said in a statement. “Together, we are stronger and will deliver the highest quality care and the best patient experience to all those we serve.”
The close of the deal comes after Genesis Health System CEO and President Doug Cropper announced his departure at the end of 2022, with a departure date of June 2023. Cropper is joining The Church of Jesus Christ of Latter-Day Saints for a three-year assignment as mission leader.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."