In a deal that will clearly yield more robust grant-making for Jewish Louisville, the Jewish Heritage Fund for Excellence announced Tuesday that it will transfer its interest in KentuckyOne Health to Catholic Health Initiatives for $150 million.
In the announcement, JHFE and Catholic Health Initiatives (CHI) said they were “concluding their five-year relationship as joint sponsors of KentuckyOne Health.” They did not use the word “sell” to describe the transaction.
CHI assumed full sponsorship of all KentuckyOne Health operations effective September 1.
Denver-based CHI is the parent company of KentuckyOne.
“We have worked hard to promote excellence in health care delivery during our five-year partnership with CHI. With the recent changes in KentuckyOne Health’s business plan, both organizations agreed it would be best to conclude our relationship and pursue our missions independently,” David Kaplan, chair of the JHFE board of trustees, said in a prepared statement. “We are very excited about our enhanced capacity to promote medical research, community health and support the Jewish community.”
JHFE said the $150 million will allow JHFE to “deepen” its existing financial commitment to “worthy, mission-driven projects supporting community health, medical research and the Jewish community in Louisville and the region.”
JHFE now has funds in excess of $250 million to invest in its strategic funding areas, it said.
“We commend JHFE’s difficult decision to move away from hospitals and focus its resources on medical research, the health needs of the community, and support of the Jewish community,” said Paul Edgett, executive vice president and chief strategy officer for Catholic Health Initiatives, in a prepared statement. “The Jewish heritage within many KentuckyOne Health facilities is important to the care and community engagement delivered by the organization, and we are committed to maintain care and respect for individuals of all faiths and backgrounds in the health and wellness services provided. Our shared vision to bring wellness, healing and hope to all, including the underserved, has brought positive change to individuals from all walks of life, faith traditions and economic means.”
JHFE traces its history back to the founding of Jewish Hospital in 1903. With the formation of KentuckyOne Health in 2012, JHFE evolved its mission away from day-to-day management of hospital operations to focus on providing grants to support medical research, community health and the Jewish community.
JHFE has provided over $15 million in grants since 2012.
“The JHFE Board of Trustees has already started conversations about the impact of the additional funds,” Jeff Polson, executive director of JHFE, said in a prepared statement. “Over the coming months, the board will work through a thoughtful and strategic process to determine how to increase grant funding in its core mission areas.”