The parent organization of Saint Francis Hospital is being acquired by a Saint Louis company.
Ascension Health Care Network President Leo Brideau says Saint Francis Care will switch from a non-profit, to a for-profit organization. That means Saint Francis Hospital will also become for-profit.
“For-profit really describes only our tax status. We will pay taxes,” Brideau said. “It does not describe our mission. Our mission is the same Catholic mission that Saint Francis Care has today, taking care of the poor, and providing benefit to the community.”
Ascension says many of the same people who currently lead Saint Francis will have a role in the organization’s management.
Saint Francis Care CEO Chris Dadlez says the network will provide needed capital for the health care organization. He would not say how much money was involved.
A letter of intent has been signed, but the deal has not yet been finalized, and has yet to be approved by regulators.