Summa Health's sale to the for-profit Health Assurance Transformation Corporation will create a new foundation dedicated to improving community health across greater Akron. At a public hearing Wednesday night, nonprofit leaders across the five counties the foundation will serve pitched their ideas for what the foundation should focus on.
Ohio Attorney General Dave Yost conditionally approved the sale of the nonprofit hospital under the condition that venture capitol backed HATCo agreed to 10 additional commitments, designed to ensure the sale benefits the community, maintain the hospital's charitable mission and protect patient care, Yost's office said.
The hearing served as an introduction of the foundation, named Trailhead Community Health Foundation of Greater Akron, to the community.
"It is symbolic, because it marks a starting point, a new beginning of a shared journey on a pathway interconnecting Summit, Medina, Portage, Stark and Wayne counties," Julia Rea Bianchi, Chair of the Summa Foundation Board of Directors and member of the new foundation's board of directors, said.
Nonprofit leaders shared their experiences in the community, providing insight on what they think should be addressed by the new foundation.
"I urge you to really focus your giving on those impactful and foundational basic services in behavioral health for vulnerable communities," CommQuest President and CEO Elaine Russell Reolfi said. Her organization provides mental health and addiction services in Stark County.
"What they need is affordable education that leads to rewarding employment, but they also need healthcare," Stark State College President Para Jones said. "They need transportation. They need food security, safe housing, childcare and social services."
Many leaders emphasized the need for affordable housing in the region.
"We also cover 2-1-1, an eight county area in this region, which gives us a ton of data on what's most important to people," President and CEO of United Way of Summit and Medina Annie McFadden said. "As of recently housing and food insecurity are at the top, and I think we all know that."
Part of Yost's additional requirements for HATCo was an additional $15 million in cash toward the acquisition to reflect the fair market price of Summa and for the company to contribute an extra $15 million in company stock as part of the purchase price. That brings the total deal to $500 million in cash and $15 million in stock.
The $15 million in stock will be held by Trailhead Community Health Foundation for three years and cannot be sold without approval from the attorney general.
Yost's additional commitments require the community foundation have the same charitable mission as Summa Health. The majority of the foundation's board members must not be connected to Summa Health or HATCo and must go through a training program.
The board members announced at Wednesday night's hearing include:
- Julia Rea Bianchi, marketing consultant and Chief Operating Officer at Blue Chip Kids
- Steven Cox, attorney and shareholder at Roetzel and Andress
- Brenda Cummins, Director of Philanthropic Services at the Cleveland Foundation
- Lashawrida L. Fellows, Deputy Director of Human Resources at the City of Akron
- Naomi D. Ganoe, Managing Director and Private Client Services Practice Leader at CBIZ
- Mary Jo Goss, retired nurse at Summa Health
- Marty Hauser, retired President and CEO of SummaCare
- Wakita Johnson, Regional Vice President and Ohio Medicaid CEO at Humana
- Allen E. Loomis, retired Executive Vice President at National City Bank
- Steven P. Schmidt, professor of graduate studies at Northeast Ohio Medical University
- Demond Scott, Medical Director at Axess Family Services
The foundation will not be able to begin working until the transaction between Summa and HATCo is complete, Bianchi said.
