After months of planning for their joint venture, Henry Ford Health and Ascension Michigan have announced they will be moving forward as a combined organization.

Henry Ford Health and Ascension Michigan said this week that they plan to close their joint venture on Sept. 30. They will move forward as a consolidated organization on Oct. 1.

The two organizations are forming a $10.5 billion system in the joint venture. Ascension’s hospitals in southeast Michigan and its Genesys facilities will join forces with Henry Ford, and the combined organization will be known as Henry Ford Health.

Officials have stressed it is not a merger or acquisition, and no money is changing hands between the organizations.

Robert Riney, president and CEO of Henry Ford Health, is leading the merged organization. “Words can’t express how excited we are to find ourselves at this moment,” Riney said in a statement.

“Since we announced our proposed joint venture last fall, we’ve been engaged in thoughtful planning across our organizations – all focused on how we plan to come together to build the future of health on behalf of those we serve,” Riney said. “It’s given us a wonderful opportunity to make deeper commitments to the sacred mission and privilege of healthcare – and we can’t wait to make this a reality for the people of Michigan and beyond.”

The combined organization will operate more than 550 healthcare locations and employ about 50,000 people.

These Ascension Michigan hospitals will be part of the joint venture with Henry Ford Health: Ascension Genesys Hospital; Ascension Macomb-Oakland Hospital, Warren and Madison Heights campuses; Ascension Providence Hospital, Novi and Southfield campuses; Ascension Providence Rochester Hospital; Ascension River District Hospital; and Ascension St. John Hospital.

Carol Schmidt, senior vice president of Ascension and the CEO of Ascension Michigan, will work with Riley during the initial transition and integration of the systems, Henry Ford said in a news release.

Henry Ford also announced several executive appointments in the merged organization.

Adnan Munkarah, MD, will serve as president of the system’s clinical enterprise and chief physician executive. He’s currently Henry Ford’s chief clinical officer.

Denise Brooks-Williams will serve as executive vice president & chief operating officer. She’s been serving as Henry Ford’s CEO of care delivery system operations since 2023.

Robin Damschroder has been named president, value-based enterprise and chief financial officer of the combined organization. The system said the title reflects the focus on value-based care. She has been serving as Henry Ford’s chief financial and business development officer.

Henry Ford has said the joint venture would enable the merged organization to recruit more top talent, and also give clinicians and staff more opportunities to grow in their careers.

The move comes as Ascension has been making other moves to offload some of its hospitals in the midwest as the system strives to cut costs and improve its finances.

MyMichigan Health completed the acquisition of three Ascension Michigan hospitals last month. The transaction also included an ambulatory surgery center and associated physician practices.

In July, Prime Healthcare reached a deal to buy Ascension’s nine hospitals in Illinois. Prime would also acquire the system’s physician practices, post-acute care facilities and senior living facilities in Illinois. Regulators must approve the transaction, but the systems said they hope to complete that deal in the first quarter of 2025.

Ascension, a non-profit, Catholic health system, operates more than 100 hospitals in 18 states and Washington, D.C.