Last updated on January 7th, 2021 at 01:02 pm
Froedtert Health will acquire a majority membership interest in Manitowoc-based Holy Family Memorial Medical Center, a deal that will expand the Wauwatosa-based system’s reach into northeastern Wisconsin.
Under the agreement, Holy Family Memorial will operate as part of the Froedtert & the Medical College of Wisconsin health network while remaining Catholic under sole sponsorship of the Franciscan Sisters of Christian Charity, Inc.
For Holy Family Memorial, the acquisition will provide long-term clinical and financial stability, the health systems said in an announcement.
In March, Froedtert announced its intentions to acquire a minority interest in HFM.
Financial details of Froedtert’s planned acquisition of the majority of HFM were not disclosed.
“Our systems share a similar vision and mission centered on connecting and advancing the health of the communities we serve,” said Cathy Jacobson, president and chief executive officer of Froedtert Health. “More so than ever, expanding access to care is paramount, and this partnership will allow us to advance the health of the region through enhanced patient care and connect Holy Family Memorial’s patients and employees to the best of academic medicine.”
Holy Family Memorial will maintain its membership in Green Bay-based Bellin Health’s accountable care organization, Bellin Health Partners. HFM joined Bellin in 2016.
In addition to its flagship hospital campus, HFM’s network includes multiple outpatient locations in Manitowoc and a campus in Two Rivers. HFM is the largest employer in Manitowoc County with more than 1,100 employees.
“This agreement will secure Holy Family Memorial’s future and advance health care access and delivery in Manitowoc County, while maintaining the Catholic identity that underpins all we do,” said Brett Norell, president and CEO of HFM.
The Froedert & MCW network includes most of southeastern Wisconsin. In 2017, it expanded to Kenosha County under an expanded affiliation with the United Hospital System. Through that partnership, Kenosha Medical Center and St. Catherine’s Medical Center campus in Pleasant Prairie became part of the Froedtert & MCW network.