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John R. Fischer, Senior Reporter | May 12, 2022
The school will soon be part of Atrium's innovation district, The Pearl, an intersection of medical professionals, students, business owners, entrepreneurship and research in midtown Charlotte. Atrium recently announced plans to
build in the area a $69 million radiotherapy facility, which will be the first site in the Charlotte area to offer this form of cancer treatment, including proton therapy and Gamma Knife radiosurgery.
It also
combined with Navicent Health and Floyd Health, both in Georgia, in 2020 and 2021, respectively. These deals followed its
rebranding in 2018 from the Carolinas HealthCare System.
One of the 12 largest not-for-profit health systems in the country, Advocate Aurora has about 75,000 employees across the Midwest at its 26 hospitals. It has dual headquarters in Chicago and Milwaukee but will change this to Charlotte where Atrium is headquartered following the merger. It still will maintain a strong presence in both cities and will open an institute for health equity in Milwaukee. It had plans to
merge in 2020 with Beaumont Health into a $17 billion system, only for both organizations to later call the deal off.
Woods and Advocate Aurora CEO Jim Skogsbergh will be co-CEOs for a year and a half, after which Wood will take over as sole CEO. "All of our metrics improve as we scale because we execute around that," Skogsbergh told the Charlotte Business Journal. "It ain't just big for bigness' sake, right? That's not what gets it done. It's using that to become stronger and then using your strength to serve your patients, your communities and your team members."
The deal has been approved by both companies’ boards and is subject to regulatory approval. A new board with an equal number of Advocate Aurora and Atrium members will be formed, with Atrium’s board chair Edward Brown III leading it through 2023. Advocate board chair Michele Richardson will then take over.
Existing assets will remain separate.
Financial details were not disclosed.
Atrium Health was unavailable to respond to HCB News’ request for comment.
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