California-based integrated managed care group Kaiser Permanente has signed a definitive agreement to acquire Pennsylvania healthcare provider Geisinger.

The value of the deal, which awaits regulatory approval, has not been disclosed.

Kaiser Permanente has a network of 39 hospitals and 24,000 doctors. 

Meanwhile, the two companies have also announced the launch of Risant Health, which is a new nonprofit organisation created by Kaiser Foundation Hospitals.

Geisinger will be the first health system to join Risant Health.

Risant has been set up with the aim of expanding value-based care in varied community-based health system environments. 

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It plans to expand through acquisition and collaboration with a portfolio of nonprofit, community-based health systems that share similar values and are rooted in their respective communities.

Risant Health will operate independently from Kaiser Permanente’s primary integrated care and coverage model.

Upon joining Risant Health, Geisinger is expected to enhance its services further while retaining its name.

Risant Health has chosen Dr Jaewon Ryu to be its CEO.

Following the completion of the deal between Risant Health and Geisinger, Dr Ryu will step down from his current position as president and CEO of Geisinger Health.

Kaiser Permanente chair and CEO Greg A Adams said: “Our mission calls on us to find new ways to promote high-quality, affordable and evidence-based care with equitable and improved health outcomes.

“Through Risant Health, we will make our value-based care expertise, technology and services available to community-based health systems like Geisinger to strengthen their ability to provide value-based care models with a focus on high-quality and equitable health outcomes.”