Parkview Health, based in Fort Wayne, Indiana, has signed an agreement to acquire Ovation Healthcare, a Brentwood, Tennessee-based shared-services company, Becker's Hospital Review reported Friday.
Ovation works with more than 500 healthcare organizations across 48 states, providing leadership advisory services, spend management, revenue cycle support and technology. Under the agreement, the combined operations will run under the Ovation brand, with Parkview becoming the owner while Ovation continues to operate as a separate organization with its own governing board.
The organizations say the aim is to help rural and independent providers remain independent while lowering the cost of care - a pressure point for small hospitals that struggle to match the purchasing power and back-office scale of large systems.
The deal is expected to close in the coming weeks, subject to regulatory review.
