Pennock Healthcare System (PHS), a nonprofit hospital system located in Hastings, MI, has joined Spectrum Health, a 12-hospital west Michigan nonprofit system based in Grand Rapids. The Board of Trustees of PHS unanimously agreed to join Spectrum after executing a controlled competitive process which involved consideration of potential partners from around the country. The selection of Spectrum was based upon regional synergies, cultural fit, a shared commitment to quality, and the potential to offer advanced healthcare services to the greater Hastings community.
The Board of PHS engaged Juniper Advisory to provide education on various options and to proactively solicit market input. Juniper led the Board through a comprehensive situational review, designed and managed a competitive process, drafted information materials, assembled an electronic data room, conducted reverse due diligence, and negotiated the agreement between the parties. In addition, Juniper advised the Board through the completion of due diligence, the signing of the definitive agreement, and the satisfaction of all regulatory approvals.
Pennock Healthcare System
Pennock is an integrated healthcare system based in Hastings, MI, a rural community southeast of Grand Rapids. Pennock is the only hospital within a 28 mile radius and is the largest employer in Hastings and the second largest employer in Barry County. It is consistently included in the 101 Best and Brightest Places to Work in West Michigan.
Spectrum is a 12-hospital nonprofit health system based in Grand Rapids, MI. Along with the Spectrum Health Hospital Group, which includes Helen DeVos Children’s Hospital and now Pennock Hospital, the system is also comprised of 170 ambulatory and service sites, dental services (Simply Dental), over 1,200 employed physicians and advanced practice providers including members of the Spectrum Health Medical Group, and Priority Health, a 600,000-member health plan. Spectrum Health is west Michigan’s largest employer with over 21,800 employees. The organization provided $294.6 million in community benefit during fiscal year 2014. In 2014, Spectrum was named one of the nation’s 15 Top Health Systems by Truven Health Analytics.
For additional information, please refer to the press release.