The infusion of cash that Summa Health is to receive from its acquisition by Health Assurance Transformation Corp. will help Summa concentrate on medical care by retiring $800 million in debt, Summa CEO Dr. Cliff Deveny said Thursday. Without the acquisition by Health Assurance Transformation — a letter of intent was announced Wednesday – the health system felt that its financial problems might have led to tough choices, Deveny said. Deveny spoke Thursday to give more details about Wednesday’s announcement that Summa Health will become a wholly owned subsidiary of Health Assurance Transformation, a new business venture owned by venture capital firm General Catalyst.
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Source: https://www.cleveland.com/metro/2024/01/summa-health-ceo-says-deal-to-sell-will-allow-it-to-retire-debt-focus-on-care.html