Written by The Business Journal Staff
(AP) — Two Catholic hospital chains are merging to create the nation’s third-largest nonprofit health system, with more than 100,000 employees in seven states.
Providence Health & Services of Irvine, California, is merging with St. Joseph Health of Renton, Washington, to create Providence St. Joseph Health.
The new entity has 50 hospitals in Alaska, California, Montana, New Mexico, Oregon, Texas and Washington state.
The merger was approved by California’s attorney general last month. The agreement required Providence St. Joseph to invest $30 million in providing mental health services in California.
On Wednesday, the new chain announced it will invest $100 million in a foundation and institute to look into mental health research, prevention and care around the country.