The Reading Hospital and Medical Center (TRHMC) and the Surgical Institute of Reading (SIR) jointly announced today that TRHMC will acquire SIR, which will become a division of TRHMC. The transaction is expected to be completed this summer following review by the Pennsylvania Department of Health and the Pennsylvania Office of the Attorney General.
The acquisition will expand TRHMC's clinical capacity in important surgical specialties, including orthopaedics, spine surgery, and gynecology. It also assures that SIR remains focused on the needs of this community through local oversight of its strategic and daily operations.
Under terms of the agreement, the Surgical Institute of Reading will continue to function as a Joint Commission-accredited acute care hospital and surgical center with 15 licensed beds for overnight patient stays. Its nursing and support staff, numbering 125, will become employees of The Reading Hospital and Medical Center.
Its medical staff of 27 physicians will remain independent practitioners on TRHMC's medical staff.
The Surgical Institute of Reading opened at its current Spring Township site in 2007, and was designed to provide high quality, individualized care to surgical patients. In 2011, volume exceeded 5,000 open, endoscopic, and other minimally invasive procedures performed by otolaryngologists, general surgeons, neurosurgeons, orthopaedic surgeons, plastic and reconstructive surgeons, and pain management specialists.
The Reading Hospital and Medical Center is a subsidiary of The Reading Hospital system. The system also includes a medical group, rehabilitation hospital, continuing care retirement community, and preferred provider organization, and has interests in home care, infusion, physical therapy, employee assistance, and reference laboratory entities.
Clint Matthews, President and Chief Executive Officer of TRHMC, called the acquisition a "perfect fit for The Reading Hospital and Medical Center and a win/win for the community. By combining SIR's well-deserved reputation for quality, personalized care with TRHMC's clinical and financial strength, we can better assure continued access to outstanding health care delivered by professionals committed to the wellbeing of our region."
John A. Martin, MD, Chairman of the Board of the Surgical Institute of Reading, said: "We are excited to be joining a strong and revitalized Reading Hospital, which will allow us to enhance our technology and expand our clinical practice, while ensuring the same high quality and personalized care that has characterized the Institute since our founding."