Towson Assets Transferred to University of Maryland Medical System
The University of Maryland Medical System (UMMS) and CHI signed an asset purchase agreement in connection with St. Joseph Medical Center (SJMC), Towson, MD. SJMC’s assets were acquired by UMMS on Dec.1. SJMC’s name has changed to University of Maryland St. Joseph Medical Center, and it is a subsidiary of UMMS. SJMC’s employees became employees of either the new organization or UMMS.
“As health care reform continues to evolve, the SJMC board and CHI recognized their obligation to find innovative approaches to meet the changing needs of the communities they serve while remaining true to SJMC’s Catholic identity,” said Beth O’Brien, CHI senior vice president and group executive officer. “The transfer of SJMC’s assets to UMMS has positioned University of Maryland St. Joseph Medical Center to thrive in the future and serve the health needs of the people of Maryland.”
Under the asset purchase agreement, SJMC and CHI retain the SJMC liabilities arising from events occurring prior to December 1, 2012. UMMS reached an agreement with the Archdiocese of Baltimore for the University of Maryland St. Joseph Medical Center to continue SJMC’s religious mission and Catholic traditions under the new ownership.