(Toledo, OH) Three Toledo companies are officially merged into one healthcare giant.
ProMedica and Welltower this week finalized their joint venture purchase of the parent company of HCR Manorcare, the nation's second-biggest skilled nursing home operator.
The deal gives WellTower 500 nursing homes, while ProMedica now owns ManorCare operations-- becoming the country's 15th-largest healthcare system with seven billion dollars in expected revenues.
ProMedica's top administrator Randy Oostra becomes CEO of the combined company, as HCR Manorcare now becomes a division of ProMedica. Top company officials call the partnership transformative and will improve health care.