(PUEBLO, Colo.) — Parkview Health System and UCHealth signed a letter of intent on Oct. 7 for Parkview and its employees to join UCHealth in 2023.

UCHealth will invest nearly $200 million into Parkview and the Pueblo community in the coming years, while continuing Parkview’s support of nursing and clinical education programs, helping recruit new staff members, and stabilizing Parkview’s finances.

“It’s no secret that Parkview Health System has faced financial challenges, especially during the COVID-19 pandemic,” said Leslie Barnes, Parkview Health System president and CEO. “Among Colorado hospitals, Parkview has one of the highest percentages of patients covered by Medicare and Medicaid with about four out of every five patients being covered by a governmental provider. This, combined with the current economic environment, is challenging the future of the hospital.”

Barnes said that the partnership with UCHealth will provide new resources and long-term stability for Parkview. Parkview’s staff, providers and leaders will retain their positions, and their current benefits will remain in place for the foreseeable future.

Over the coming months, UCHealth and Parkview will complete their final agreement, with an effective date expected in mid-2023. UCHealth said they will share more information with employees and the community during this time, easing the transition and answering any questions.