ST. LOUIS/CHICAGO - (Aug.
13, 2013) - CHAN HEALTHCARE LLC and Crowe Horwath LLP announced today they have
signed a letter of intent to combine resources, establishing a strategic
business partnership that will create one of the healthcare industry's leading
providers of internal audit and advisory services.
CHAN HEALTHCARE is a
joint partnership of Ascension and Catholic Health Initiatives (CHI). Crowe
Horwath (Crowe) is one of the largest public accounting and consulting firms in
the U.S. The new partnership aims to combine resources and strengthen existing
services to meet the internal audit and advisory needs of the changing
healthcare industry. As part of the transaction, CHAN HEALTHCARE intends to
retain its existing executive management team and key executives.
transaction is scheduled to close this fall, pending completion of due diligence
and signing of a definitive agreement. Financial details of the transaction were
"Crowe Horwath is a well-respected, full service public
accounting firm with a solid reputation in the industry," Anthony R. Tersigni,
Ed.D., FACHE, President and Chief Executive Officer of Ascension, said. "This
partnership will create the healthcare industry's leading provider of high
quality and value-added internal audit and advisory services."
believe this strategic partnership will further strengthen and improve the
exemplary range of services now provided by CHAN," said Kevin Lofton, President
and Chief Executive Officer of CHI. "Joining with one of the nation's largest
public accounting firms makes sound business sense in today's changing health
"The similarity of our missions was a key factor
leading us to this strategic business partnership," said Chuck Allen, Chief
Executive Officer of Crowe Horwath LLP. "CHAN's mission of providing quality
services with integrity, innovation and knowledge sharing aligns ideally with
our core purpose of 'Building Value with Values' for our people, our clients and
Crowe is the ninth largest public accounting firm in the U.S.,
with a national healthcare practice. Crowe's existing healthcare services
include opinion audits, tax, IT security, regulatory, revenue cycle and
Headquartered in Chicago, Crowe employs
approximately 2,700 people. CHAN HEALTHCARE is based in Clayton, Mo., and
employs approximately 320 staff nationwide.
CHAN HEALTHCARE is the only
U.S. company focused primarily on providing internal audit services to
healthcare. It was formed in 1997 through collaboration of the two largest
tax-exempt healthcare systems in the U.S., Ascension and CHI.
HEALTHCARE maintains a permanent on-site presence in more than 20 tax-exempt
healthcare networks across the nation and operates in more than 350 hospitals
and healthcare facilities.
About AscensionAscension (www.ascension.org) is transforming
healthcare by providing the highest quality care to all with special attention
to those who are poor and vulnerable. Last year Ascension, through its
subsidiary Ascension Health, provided more than $1.3 billion in care of persons
living in poverty and community benefit programs. Its Mission-focused Health
Ministries employ more than 150,000 associates serving in more than 1,500
locations in 23 states and the District of Columbia.
Health InitiativesCatholic Health Initiatives is a national nonprofit
health system with headquarters in Englewood, Colo. The faith-based system
operates in 18 states and includes 86 hospitals; 40 long-term care, assisted-
and residential-living facilities; two academic medical centers; two community
health services organizations; two accredited nursing colleges; and home health
agencies. Currently, CHI ranks as the nation's third-largest faith-based health
system, with annual operating revenues of more than $12 billion and
approximately 85,500 employees. In fiscal year 2012, CHI provided more than $715
million in charity care and community benefit, including services for the poor,
free clinics, education and research.
About Crowe HorwathCrowe Horwath LLP (www.crowehorwath.com) is one of the
largest public accounting and consulting firms in the United States. Under its
core purpose of "Building Value with Values®," Crowe uses its deep industry
expertise to provide audit services to public and private entities, while also
helping clients reach their goals with tax, advisory, risk and performance
services. With offices coast to coast and 2,700 personnel, Crowe is recognized
by many organizations as one of the country's best places to work. Crowe serves
clients worldwide as an independent member of Crowe Horwath International, one
of the largest global accounting networks in the world, consisting of more than
150 independent accounting and advisory services firms in more than 100
countries around the world.