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Hackensack University Medical Center and Pascack Valley Hospital Enter Into MOU for Merger

Posted on: Wednesday, 1 November 2006, 18:00 CST

WESTWOOD, N.J., Nov. 1 /PRNewswire/ -- Hackensack University Medical Center (HUMC) has entered into a Memorandum of Understanding with Pascack Valley Hospital (PVH) to acquire the hospital from Well Care Group, Inc. The acquisition is expected to be completed in early 2007.

Under the terms of the agreement HUMC's clinical and financial resources would support PVH's existing programs, and help establish new services while also enhancing the overall technology and equipment at the hospital and its affiliates. HUMC also is committed to enhancing the availability of full-time physicians and to establishing additional specialty care services in areas such as radiology, anesthesia, and in the emergency room.

"This is an opportunity for Hackensack University Medical Center to provide expanded quality of care to a community where Pascack Valley Hospital has done an extraordinary job in building a dedicated patient base," stated John Ferguson, President and CEO, Hackensack University Medical Center. "It also is an opportunity that allows HUMC to continue its growth in key service areas of patient care such as oncology, cardiac services, and women's and children's services."

"The merger is a natural progression for Pascack Valley and Hackensack University Medical Center, considering that we share many physicians and services already," stated Donald M. Genaro, Chairman of the Board of Directors at Pascack Valley Hospital.

"This is a win for all involved -- especially for Pascack patients and their families -- providing benefits to the community now and for generations to come."

"While it is true that this merger will benefit both hospitals, the ultimate beneficiary of this acquisition is each of the communities served by HUMC, PVH and our affiliates," added Joseph Simunovich, Chairman of the HUMC Board of Governors. "The union will result in enhanced clinical offerings that will, in turn, provide high-quality, cost-effective health care to all patients served by these hospitals."

Once the merger is complete, PVH will be renamed "Pascack Valley Hospital, an Affiliate of Hackensack University Medical Center." Physicians on the medical staff of PVH will maintain their same privileges at HUMC going forward.

Hackensack University Medical Center, a 781-bed teaching and research hospital affiliated with The University of Medicine and Dentistry of New Jersey-New Jersey Medical School, is the largest provider of inpatient and outpatient services in the state of New Jersey and the fourth largest hospital in the nation based on admissions.

Pascack Valley Hospital (PVH) is a full-service, 291-bed non-profit medical center and the flagship of an integrated network of healthcare services and physicians known as the Well Care Group, Inc., which provides a full spectrum of the most advanced, technically-specialized healthcare services available today.

Hackensack University Medical Center (HUMC)

CONTACT: Tony Bawidamann of MWW Group, +1-201-231-6035,tbawidamann@mww.com, for Hackensack University Medical Center (HUMC)

Source: PRNewswire

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