Poudre Valley Health System and the University of Colorado Hospital have finalized a joint operating agreement that creates a new health system.
Called University of Colorado Health, the partnership will also include Memorial Health System in Colorado Springs, once details of a lease agreement are ironed out and voters decide on the effort at some point this year.
The new system combines one of the top-performing community hospitals in the nation –PVHS – with one of the highest-ranked academic medical centers – University of Colorado Hospital. With annual net revenue of $1.5 billion, it will be one of the region’s largest locally owned health systems and with nearly 10,000 employers, one of Colorado’s largest employers.
The group’s new logo combines the University of Colorado name with four intertwined hearts, long associated with Poudre Valley. Names of the organization’s three existing hospitals, the University of Colorado Hospital in Aurora, PVHS in Fort Collins and the Medical Center of the Rockies in Loveland, will not change due to the partnership.
Once the negotiations with Colorado Springs City Council are complete, UCH CEO Bruce Schroffel said the new system will reach all along the Front Range.
“If we reach an agreement, we will have a system that stretches along the Front Range,” he said. “Poudre Valley would be the northern hub, Memorial is the southern hub, with the University of Colorado Hospital as its central geographic and academic core in the Denver metro area.”
UCH and PVHs have added a total of 1,800 jobs during the past five years.
The agreement has been approved by both existing systems and their partners. It will create a governing board of 11 directors and an executive team to guide the new organization. Schroffel was named president of UCH, and chairman of the board of directors. Rulon Stacey, CEO of PVHS, will serve as CEO of the University of Colorado Health.