Chicago-based Crowe Horwath LLP (FY13 net revenue of $599 million) and CHAN HEALTHCARE LLC (FY13 IPA estimated revenue of $50 million) announced that they have finalized the transaction to combine resources. This strategic business partnership creates one of the largest providers of internal audit and financial advisory services in the U.S. healthcare industry. CHAN was formerly co-owned by Ascension and Catholic Health Initiatives (CHI), which retain a minority position in the combined enterprise. Both will also continue their client relationship with Chan Healthcare.
“This strategic relationship is the result of combining two organizations with similar values,” says Chuck Allen, Crowe Horwath LLP CEO. “We are looking forward to the association with Ascension and CHI and the continuing expansion of our market presence in healthcare.”
CHAN HEALTHCARE plans to retain its existing executive management team and client service model. Steve Strammello, the managing partner of Risk Consulting services at Crowe, will assume the role of CEO of CHAN HEALTHCARE.
CHAN HEALTHCARE focuses primarily on providing internal audit services to healthcare organizations, employing approximately 320 professionals nationwide. CHAN HEALTHCARE maintains a permanent on-site presence in more than 20 tax-exempt healthcare networks across the nation and operates in more than 350 hospitals and healthcare facilities.
“I’m excited for the opportunity to work with the entire CHAN HEALTHCARE team,” says Strammello. “CHAN HEALTHCARE has earned a reputation for providing high quality internal audit and risk consulting services with integrity. It is a privilege for me to help maintain that same level of quality and integrity as we continue to serve our clients.”