Cooper University Health Care and Cape Regional Health System signed a Definitive Agreement, moving the merger announced in December one step closer to fruition.
When complete, this historic combination will bring together two respected health systems to expand access to specialty health services to residents and visitors of Cape May County.
The next step in the merger process will be to obtain necessary regulatory approvals, which should take approximately one year.
“The signing of this Definitive Agreement to merge is an important milestone in bringing together two of the region’s most trusted health systems. I want to thank everyone who has worked so hard to bring Cooper and Cape Regional to this point because I know that, together, we will do great things for the residents and visitors to Cape May County and patients across South Jersey,” George Norcross III, chairman of Cooper University Health Care’s board of trustees, said.
“We are very excited to take our relationship with Cooper to the next level, as we share the same vision to provide the highest quality health care to our communities,” Garry Gilbert, chairman, Cape Regional Health System board of trustees, said.
The execution of the Definitive Agreement came after two months of due diligence review and work between the health systems.
“The signing of this Definitive Agreement is a testament to the strong working relationship that Cape Regional and Cooper have developed over many years of working together to serve the residents and visitors of Cape May County,” Joanne Carrocino, CEO and president, Cape Regional Health System, said. “It is truly an exciting advancement for both of our organizations.”
“A great deal of work has been done by both teams to get us to this point, and we are optimistic that we will be able to complete this transaction and bring additional advanced cancer and specialty health care services to local residents close to where they live,” Dr. Anthony Mazzarelli, co-CEO of Cooper, said.
“Today, we are incredibly proud to announce this important next step in bringing together two anchor institutions in the southern New Jersey region,” Kevin O’Dowd, co-CEO of Cooper, said. “We look forward to working with our future colleagues at Cape Regional to build upon their tremendous tradition of service to the residents and visitors of Cape May County.”
The combined health system will have:
- Two hospitals with more than 900 licensed beds;
- Revenue exceeding $2.2 billion annually;
- More than 10,000 team members;
- More than 900 employed physicians in three physician groups;
- More than 450 advanced practice providers;
- 130+ ambulatory locations across eight counties; and
- Six urgent care centers.
