Dive Brief:
- The new services agreement calls for Accretive to exclusively provide revenue cycle services and physician advisory services to Ascension's hospitals.
- Ascension and TowerBrook Capital Partners own a new investment vehicle that has invested $200 million in Accretive Health in exchange for convertible preferred stock and warrants, as previously reported by Healthcare Dive.
- The new service agreement will be implemented in Ascension's hospitals over the next six months. Hospitals not currently served by Accretive will transition to the company's platform over a three-year period.
Dive Insight:
"Ascension has been a valued partner since the founding of the company and we are pleased to enter a new phase in our relationship as long-term strategic partners," Dr. Emad Rizk, Accretive Health president and CEO, said in a company press release.
"This new partnership supports our strategy of creating clinically integrated systems of care in the communities we serve across the country and strengthening our ability to provide compassionate, personalized care to all, especially for persons living in poverty and those most vulnerable," said Anthony Tersigni, president and CEO, Ascension.
Ascension is the largest Catholic healthcare system in the U.S. with 129 hospitals.