A coalition of Akron groups has sent a list of demands to Summa Health and local and state officials over the nonprofit health system's proposed $485 million deal to sell to venture capital firm, HATCo.
The group, Summa Is Not For Sale, wants Ohio Attorney General Dave Yost to impose a six month moratorium to allow for a public hearing and further review of the proposed acquisition.
The sale is currently pending approval by Yost and other regulators.
The group held a press conference Friday where members raised concerns about potential negative impacts of private equity ownership in health care — based on experiences reported in other communities where private equity takeovers led to hospital closures, reduced services and downgraded quality of care.
The leader of Summa Is Not For Sale, Matthew Charlebois, said the coalition has attempted to engage with local officials and Summa leadership on these issues but has faced resistance.
"Summa (and HATCo) executives say, 'No, this will be different, this time it won't be like those other times, that this is not a private equity deal per usual,'" he said. "But they've given us no reason outside of their empty rhetoric to actually believe that."
Here’s a partial list of demands the group is seeking:
- Hire an outside appraiser to determine the current fair market value of Summa Health.
- Transfer the full sale price of Summa Health into the new Summa Community Foundation and make the foundation transparent.
- Ensure a third of the community foundation board positions are community-based representatives.
- Bar sale of the buildings and other real properties before having the hospital rent those properties back at an excessive sum.
- Prevent hospital prices from rising by more than the cost of inflation for the next five years.
- Maintain services for women and LGBT+ people.
- Preserve physician, nurse, and auxiliary staffing.
Reached by email, Summa spokesperson Michael Bernstein said the system stands by the deal and called it a "transformational partnership."
"What I can confirm is the proposed purchase price of $485 million was determined following a fair market valuation conducted by an independent third-party company that is recognized as a national expert in healthcare transaction advisory services," he said.
Bernstein said the hospital system would provide updates as they are available. More details on the deal can be found at SummaHealth.org/Future.
Summa is Not For Sale is sharing its campaign on its Facebook and Instagram accounts.
