All Children's Hospital newest addition to Hopkins
It is the first time Hopkins has joined with a hospital outside of the Washington Baltimore area.
Industry experts have said the non-cash transaction would bolster the prestigious Baltimore health system's visibility in the highly specialized pediatric field.
It could also give Hopkins a new revenue source as it and other healthcare providers try to contain rising health costs. Hospital officials have said they would combine resources to apply for medical research funding and build on each institution's strengths.
Hopkins already operates a children's division, but the merger is expected to further enhance a well-established pediatric branch.
Plans for the merger were first announced in July.
All Children's Hospital retains its name under the deal. Donations made to the hospital's foundation remain for the benefit of All Children's and leadership and the day-to-day operations of the 259-bed freestanding pediatric hospital and outreach facilities in eight west Florida counties are not expected to change.
All Children's will also maintain its voluntary medical staff and physician organizations, including the University of South Florida physicians who are practicing at the hospital. The university and All Children's plan to continue the residency program with the university through 2014. They are discussing whether to extend the program beyond that.
Local community leaders will continue to have majority voting rights on the board of All Children's. The chairman of the board of All Children's Hospital will become a member of the board of Johns Hopkins Medicine. Board members at All Children's Hospital will also have the opportunities to serve on various Hopkins boards.
All Children's will operate under the direction of the Hopkins health system governance structure much like its other hospitals, including The Johns Hopkins Hospital, Johns Hopkins Bayview Medical Center, Howard County General Hospital, Suburban Hospital and Sibley Memorial Hospital.