The state agency that regulates healthcare expansion voted unanimously to approve an Edward Hospital & Health Services and Elmhurst Memorial Healthcare merger on Tuesday.
Both facilities will be under an umbrella not-for-profit system overseen by a 13-member community Board of Trustees. Eight of the members will initially be appointed by Edward and five by Elmhurst Memorial.
Edward CEO Pam Davis will be CEO of the new system, and Edward's Vince Pryor will be executive vice president, CFO.
The merger is scheduled to be finalized July 1, and the name of the new system will be determined in the months after the closing. The merger will consist of three hospitals: Edward, Elmhurst Memorial and Linden Oaks at Edward.
The system is expected to employ nearly 7,700 workers, have more than 1,680 physicians on staff and service 1.7 million residents in more than 50 locations. It's also expected to generate more than $1 billion in revenues.