Cooper University Health Care and Cape Regional Health System, which is anchored by 242-bed Cape Regional Medical Center in Cape May Court House, NJ, said that the two nonprofits had signed a preliminary merger agreement, The Philadelphia Inquirer reports.
Cooper, based in Camden, with $1.8 billion in revenue, is far larger than Cape Regional, with $177 million in revenue. Both figures are for 2021. Both systems were profitable last year.
“As it becomes more and more challenging for smaller health systems to operate independently, merging with Cooper made the most sense as we share the same commitment to the communities we serve and to providing the highest quality care to our patients,” Garry Gilbert, Cape Regional’s board chairman, said in a news release.
Neither Cooper nor Cape Regional made executives available for interviews on the tentative agreement. The next step is a definitive agreement, which could be reached in March. If that happens, the regulatory approval process is likely to take until early 2024, they said.
Cooper already provides some services at Cape Regional, including doctors for its intensive care unit and telehealth services for stroke victims, according to Joanne Carrocino, Cape Regional’s CEO. Read more.
