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Updated - 08 : 05 : 2006

PHILADELPHIA (April 25, 2002) — Drexel University has reached agreement with Tenet HealthSystem Philadelphia, Inc., a subsidiary of Tenet Healthcare Corporation (NYSE: THC) that will result in the merger of MCP Hahnemann University (MCPHU) into Drexel University. Drexel’s trustees will appoint a new board to oversee the medical school.

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The medical school will continue to be affiliated with Tenet’s Philadelphia hospitals where university faculty will teach and practice, and medical students will receive training. Tenet acquired the medical university, which had been part of the bankrupt Allegheny Health Education and Research Foundation (AHERF), along with eight AHERF hospitals in 1998. The college of nursing and health professions and the school of public health, which formerly were part of the medical university, will become Drexel academic units. The school of public health is one of only two schools of public health in the Commonwealth of Pennsylvania. After acquiring the medical school, Tenet transferred the assets to a new, non-profit organization and made an initial $90-million cash contribution to help the university get back on a sound financial basis. “This is a day of celebration for Drexel, Tenet and our health sciences students and faculty,” said Pennoni.

“Drexel will provide the stability and technological resources needed to preserve and enhance the health sciences enterprise. In turn, the merger enriches Drexel’s academic offerings and creates new opportunities through research synergies.” Drexel has been Tenet’s academic partner since 1998, when Tenet invited Drexel to operate MCP Hahnemann University. Drexel has achieved a financial turnaround at the institution that was devastated by the $1.5-billion AHERF bankruptcy.

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During its management tenure, Drexel also upgraded MCP Hahnemann’s technological infrastructure, including the creation of a wireless campus, and introduced innovations such as a co-operative nursing education program and the use of handheld digital organizers in patient care. “The affiliation agreement brings long-term stability to our already successful partnership,” said Barry A. Wolfman, senior vice president, operations, for Tenet’s Pennsylvania region. “With the support of physicians, employees and the community, we have been able to preserve 14,000 jobs and the education of 3,000 students. We look forward to continuing the medical college and hospitals’ legacy of providing advanced medical technology and services to the community.”

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Learn more about health

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(AP) — Canada’s healthy GDP growth rate, which now averages about 3 percent a year, will be slowed dramatically by an aging population and weak immigration in the coming years, warns a new economic forecast.

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Updated - 26 : 03 : 2006

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