Boards of Meridian Health and Raritan Bay Health Services Corporation Approve Merger

NEPTUNE, N.J., April 7, 2015 /PRNewswire-USNewswire/ -- The boards of trustees of Meridian Health and Raritan Bay Health Services Corp., the parent organization of Raritan Bay Medical Center, have approved the definitive agreement for the two not-for-profit health systems to merge. The agreement follows nearly seven months of due diligence during which time a thorough review of clinical, regulatory, service, and financial issues occurred. The merger still requires state regulatory approval, which the health systems expect to secure later this year. Both CEOs commented that the due diligence process has gone smoothly and that the cultures of the two organizations have proven very compatible.

"We've been excited about this opportunity with Raritan Bay Medical Center from the beginning," says John K. Lloyd, FACHE, president of Meridian Health. "Both of our organizations share a commitment to quality and together, we will take progressive steps to join our services and our neighboring geographies to offer expanded choices for care to our residents."

While Meridian Health serves primarily Monmouth and Ocean counties and parts of Middlesex County, Raritan Bay services Middlesex County and parts of Northern Monmouth County. The combined entity will have eight hospitals -- Jersey Shore University Medical Center, Neptune, Ocean Medical Center, Brick, Riverview Medical Center, Red Bank, Southern Ocean Medical Center, Manahawkin, Bayshore Community Hospital, Holmdel, K. Hovnanian Children's Hospital, Neptune, Raritan Bay Medical Center, Old Bridge and Raritan Bay Medical Center, Perth Amboy -- and a network of physician practices, ambulatory surgery centers, home care, long-term care and assisted living facilities, ambulance services, fitness and wellness centers, and outpatient centers. The combined entity will serve a regional population of about 1.5 million residents, and the system will employ approximately 15,000 team members and have more than 2,700 physicians on staff.

"We spent a number of years looking for the right partner, one that not only offered the resources to help us to grow, but also shared our vision to be the region's best medical center. Thanks to the hard work and dedication of our employees and medical staff we are joining an advanced, forward-thinking system in Meridian Health," says Michael R. D'Agnes, FACHE, president of Raritan Bay Medical Center. "I could not be happier to work with my long-time professional colleague John Lloyd to integrate Raritan Bay Medical Center into their system and provide our community greater access to superior care."

"There is no doubt that this merger gives us the opportunity to offer innovative, patient-centered health care services to a broader region while letting us share significant population health management expertise with Raritan Bay," says Lloyd. "Through care coordination and clinical integration, we will help individuals better understand their risk of illness, and customize prevention and treatment strategies that will serve our communities well."

Meridian Health and Hackensack University Health Network also signed a letter of intent to merge on October 16, 2014. That merger transaction is nearing its completion of due diligence.

About Meridian Health
Meridian Health is a leading not-for-profit health care organization in New Jersey, comprising Jersey Shore University Medical Center and K. Hovnanian Children's Hospital in Neptune, Ocean Medical Center in Brick, Riverview Medical Center in Red Bank, Southern Ocean Medical Center in Manahawkin, Bayshore Community Hospital in Holmdel, and Meridian Partner Companies that include home health services, skilled nursing and rehabilitation centers, ambulatory care, ambulance services, fitness and wellness centers, and outpatient centers. Meridian Health has consistently been rated among the top performing health systems in New Jersey for clinical quality, is one of the FORTUNE "100 Best Companies to Work For" for six consecutive years, and is the recipient of numerous state and national recognitions for patient care and nursing excellence. Meridian Health is a member of AllSpire Health Partners, an interstate consortium of seven of the nation's leading health systems to address quality, population health management, and best practices in medical research. For more information, please visit www.MeridianHealth.com.

About Raritan Bay Medical Center
With hospitals in Old Bridge and Perth Amboy, Raritan Bay Medical Center (RBMC) is a recipient of the American Stroke Association and American Heart Association Get with the Guidelines(r) - Stroke Silver Plus and Heart Failure Gold Performance Achievement Awards. The hospital is one of less than seven percent of hospitals nationally to achieve Magnet Recognition for nursing excellence three times and is ranked in the top 10 percent of New Jersey hospitals in surgical care according to the 2012 NJ Hospital Performance Report. RBMC is also an affiliate Joslin Diabetes Center, providing the latest advances for treating diabetes and its complications as well as patient education and support services. For more information, visit rbmc.org.

CONTACT: Maureen Gillespie, 732-776-4166, [email protected]

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SOURCE Meridian Health

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http://www.meridianhealth.com