- Advocate Aurora Health and Atrium Health said Wednesday they plan to merge, creating one of the nation's largest nonprofit health systems with $27 billion in combined revenues and 67 hospitals across six states.
- Board members from both systems unanimously approved the agreement, which is subject to regulatory review. The combined entity will be led by both CEOs for the first 18 months, at which time Advocate's CEO Jim Skogsbergh will retire, leaving Atrium's CEO Eugene Woods as sole leader.
- Advocate and Atrium will have an equal number of board seats. Atrium's board chair Edward Brown will first serve as chair until the end of 2023, followed by a two-year term for Advocate's chair Michele Richardson.
The combination brings together two separate regional health systems, one with operations in the Midwest and the other with a four-state reach in the South.
The deal creates a joint operating company. "No assets will be transferred as part of the combination," Wednesday's statement said.
However, a single board and one executive team will lead the combined organization, which will operate under the brand Advocate Health with headquarters in Charlotte, North Carolina.
Local markets will still bear the Advocate Aurora Health and Atrium Health signage.
Advocate Aurora Health operates 27 hospitals in Illinois and Wisconsin, with annual revenue of about $14 billion.
Atrium Health operates 40 hospitals throughout North Carolina, South Carolina, Georgia and Alabama. Atrium generates annual revenue of $13 billion.
Wake Forest University School of Medicine will serve as the academic hub for Advocate Health.