Penn Medicine has received final regulatory approval for Doylestown Health acquisition
Doylestown Hospital will be the University of Pennsylvania Health System's seventh.
The University of Pennsylvania Health System received the final regulatory approval for its acquisition of Bucks County’s Doylestown Health and plans to complete the deal next week, Penn announced Thursday.
The deal is scheduled for completion Tuesday after clearing reviews by the Pennsylvania Attorney General’s Office and the Federal Trade Commission.
“By combining trusted community care with the resources and expertise available through Penn Medicine, we ensure that high-quality, compassionate treatment is always within reach of patients in Bucks County and beyond,” the health system’s CEO Kevin Mahoney said in a statement.
The 245-bed Doylestown Hospital will be Penn’s seventh and expand the nonprofit’s reach in an area of the Philadelphia region that is seeing increased competition from large systems.
Jefferson Health acquired Lehigh Valley Health Network last year, and St. Luke’s University Health Care has a pending deal to acquire Doylestown’s Bucks County competitor Grand View Health. New Jersey’s Capital Health has expanded its network of physicians in the county.
Doylestown will be Penn’s fourth acquisition since 2013, when it acquired Chester County Hospital. Lancaster General followed in 2015, and Princeton Health in 2018. The health system has three hospitals in Philadelphia: the Hospital of the University of Pennsylvania, Penn Presbyterian Medical Center, and Pennsylvania Hospital.
Penn reached a definitive agreement with Doylestown last August, after Doylestown’s financial results cleared a hurdle set by Penn. Doylestown still had a $5.9 million operating loss on $446.8 million in revenue for the year ended June 30. In the same period, Penn had a $278 million operating profit on $10.9 billion in revenue.
Under the integration agreement, Penn will appoint two members of the Doylestown board, and two Doylestown trustees will join Penn Medicine’s board. The Penn Medicine board is separate from the overall University of Pennsylvania board, which controls the health system.