Geisinger Health System plans to acquire a young medical college in northern Pennsylvania, it announced Wednesday.
Geisinger, a major health care force in Pennsylvania and southern New Jersey, with 12 hospital campuses, two research centers and a 551,000-member health plan, will acquire the Commonwealth Medical College and rename it the Geisinger Commonwealth College of Medicine. The parties did not announce any financial terms for the deal, which is awaiting regulatory approval.
The Commonwealth Medical College is one of the youngest medical colleges in the country; its first class of students started in 2009. It has four campuses -- in Sayre, Scranton, Wilkes-Barre and Williamsport. It has awarded 254 medical degrees and more than 300 master's degrees. But its accreditor has put it on probation over financial concerns in the past, and it has previously looked into the possibility of affiliating with the University of Scranton, according to The Times-Tribune of Scranton.
Academic, clinical and research operations are planned for consolidation in the medical school. That includes academic programs like Geisinger's residency training programs. The college of medicine is expected to keep its regional campus model.
"From new clinical training sites to access to Geisinger’s world-class research scientists and facilities, today's agreement guarantees the future of the college, expands our ability to create new educational programs and positions northeastern and central Pennsylvania as a national hub for scientific discovery, particularly in the realm of genomics," the Commonwealth Medical College President and Dean Dr. Steven J. Scheinman said in a news release. Geisinger President and CEO Dr. David T. Feinberg said in a statement that the acquisition will provide students with an integrated experience and fill a need for physicians.
Geisinger currently trains more than 400 residents and fellows annually. It sees more than three million patients per year and employs about 30,000 people.