The parent company of Lancaster General Health now reaches into New Jersey.
Philadelphia-based Penn Medicine announced today that it has completed its acquisition of Princeton HealthCare System, which will be renamed Penn Medicine Princeton Health. Terms of the deal were not disclosed.
Penn Medicine will now have six hospitals; the new one, formerly known as University Medical Center of Princeton, will be called Penn Medicine Princeton Medical Center.
The Princeton system was based about 40 miles north of Philadelphia, and Princeton President and CEO Barry S. Rabner said its patients will "benefit from easier access to the latest medical breakthroughs, clinical trials, cutting-edge technologies and specialized clinical expertise – both here and elsewhere in the Penn Medicine system.”
Philly quoted Penn Medicine CEO Ralph Muller as saying the system already gets 25 percent to 30 percent of its patients from New Jersey and that in addition to referrals for advanced care, it expects a "considerable expansion of outpatient care," which provides 57 percent of Penn's revenue.
Lancaster General joined Penn Medicine in 2015, and CEO Jan Bergen recently wrote about the anniversary of its second full year as part of Penn.
Clinically, she said, the two are aligning their service lines, "especially cardiovascular and cancer," working to adopt the same treatment protocols, offering telemedicine consults with Penn specialists and co-recruiting cardiac and microvascular breast reconstruction surgeons.
She also wrote that managing debt more efficiently has freed up funding "for current and future capital projects, including the LGH expansion, our behavioral health hospital and growth of our ambulatory network," and that consolidating existing contracts and services has "achieved considerable cost savings."
Finally, she said, Lancaster General and Penn are developing "a unified presence," including consistent policies for financial assistance and employee transfers.