CHICAGO/ST. LOUIS - (Oct. 15, 2013) - Crowe Horwath LLP and CHAN HEALTHCARE LLC announced today that they have finalized the transaction to combine resources. This strategic business partnership creates one of the largest providers of internal audit and financial advisory services in the U.S. healthcare industry. CHAN HEALTHCARE was formerly co-owned by Ascension and Catholic Health Initiatives (CHI), which retain a minority position in the combined enterprise. Both will also continue their client relationship with CHAN HEALTHCARE.
Crowe, one of the largest public accounting and consulting firms in the U.S., now has a majority interest in CHAN HEALTHCARE. By combining resources, the two organizations will strengthen existing services to meet the internal audit, risk management and financial advisory needs of the changing healthcare industry.
"This strategic relationship is the result of combining two organizations with similar values," said Chuck Allen, Crowe Horwath LLP CEO. "We are looking forward to the association with Ascension and CHI and the continuing expansion of our market presence in healthcare."
CHAN HEALTHCARE plans to retain its existing executive management team and client service model. Steve Strammello, the managing partner of Risk Consulting services at Crowe, will assume the role of CEO of CHAN HEALTHCARE.
"I'm excited for the opportunity to work with the entire CHAN HEALTHCARE team," said Strammello. "CHAN HEALTHCARE has earned a reputation for providing high quality internal audit and risk consulting services with integrity. It is a privilege for me to help maintain that same level of quality and integrity as we continue to serve our clients."
Crowe is the ninth largest public accounting firm in the U.S. Its growing national healthcare practice includes such services as opinion audits, tax, information technology security, regulatory, revenue cycle and physician integration.
CHAN HEALTHCARE focuses primarily on providing internal audit services to healthcare organizations, employing approximately 320 professionals nationwide. CHAN 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 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. Crowe and its subsidiaries have offices coast to coast with more than 3,000 personnel. The firm 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.
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 approximately $1.5 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.
About Catholic Health InitiativesCatholic Health Initiatives is a national nonprofit health system with headquarters in Englewood, Colo. The faith-based organization operates in 18 states and includes 87 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. CHI is the nation's third-largest nonprofit health system, with annual operating revenues of $12.6 billion and approximately 90,500 employees. In fiscal year 2013, CHI provided $762 million in charity care and community benefit, including services for the poor, free clinics, education and research.