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The 10 biggest merger and acquisition stories of 2020

by Gus Iversen, Editor in Chief | December 30, 2020
Business Affairs

Cone Health and Sentara Healthcare to merge into $11.5 billion system

In one of the biggest health system deals of the year, Cone Health and Sentara Healthcare announced in August that they would merge into an $11.5 billion not-for-profit healthcare system.

The two regional, community-based health systems signed a letter of intent to become an integrated organization that expands the geographic footprint of both and aims to bring patients more options for insurance plans and affordable access to healthcare.

“We have a keen focus on expanding upon our successful value-based care models, increasing our robust integrated health insurance options, building innovative technology platforms to increase patient access points — both digitally and virtually, growing our community impact to create meaningful change, and ultimately tackling the toughest challenges in healthcare,” Howard Kern, president and CEO of Sentara Healthcare, told HCB News.

Sentara Healthcare and Cone Health plan to invest capital into facilities, programs, tools, and technologies for greater care and increased access. Its health plans and clinically integrated networks will also continue to promote better health outcomes and target reduced healthcare costs and improved access.

Kern will lead the combined organization from the Norfolk headquarters, while Greensboro will serve as the regional headquarters for the Cone Health division. Cone Health CEO Terry Akin will serve as president of the Cone Health division, and health insurance plan headquarters will be set up in both Greensboro and Norfolk.

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