Weiss Memorial Hospital - Weiss/Vanguard Joint Venture

A joint venture formed by Vanguard Health Systems (Vanguard) and the University of Chicago Medical Center (UCMC) announced the acquisition of Weiss Memorial Hospital, UCMC’s north side affiliate. Vanguard has an 80% ownership and the University of Chicago Medical Center retains a 20% stake.

This partnership brings new access to capital for investment as well as strengthened management expertise to the 357-bed Weiss Memorial Hospital, 4646 North Marine Drive. The joint venture will also maintain the University of Chicago Medical Center's clinical and educational programs at Weiss.

"This is a promising step for Weiss Memorial Hospital," said Michael Ruchim, M.D., vice president for academic and medical affairs at Weiss. “The arrangement allows us to retain our close ties to the University of Chicago Medical Center and their passion for clinical excellence and innovation, but adds a new connection to Vanguard and their proven administrative talents with urban community hospitals."

"We are excited about increasing Vanguard's Chicago presence by completing this transaction with the University of Chicago,” stated Charles N. Martin, Vanguard’s Chairman and Chief Executive Officer. "This partnership allows for the continued mission of Weiss, while providing new levels of capital investment."

Vanguard developed an interest in Weiss because it is a distinguished community hospital, linked to a leading academic medical center, that has achieved a steady increase in medical, surgical and obstetrical admissions. Weiss also has a distinguished legacy as an active member of its community, with multiple outreach efforts directed to the community's indigent, and dedicated services for diverse ethnic populations.

"That's a legacy that we hope to continue and expand," said Martin.

Founded in 1952, Weiss became affiliated with the University of Chicago Medical Center in 1987. Patients at Weiss have access to many University of Chicago clinical programs there, including the Bone and Joint Center, Plastic and Reconstructive Program, and others.

Vanguard Health Systems, Inc., formed in 1997 and based in Nashville, TN, currently owns and operates 10 acute care hospitals and complementary ancillary services and facilities in Chicago, IL; Phoenix, AZ; and Orange County, CA. The Company’s strategy is to develop locally branded, full service health care delivery networks in urban markets. Vanguard will pursue acquisitions where management identifies opportunities to enhance existing delivery networks, or where there are opportunities to partner with leading delivery systems in new urban markets. Vanguard entered the Chicago marketplace in February of 2000 when it purchased MacNeal Health System of Berwyn.