Saint Clare's Health System and Catholic Health Initiatives Sign Asset Purchase Agreement with Prime Healthcare Services
ENGLEWOOD, Colo. and DENVILLE, N.J., May 3, 2013 /PRNewswire/ -- Saint Clare's Health System (SCHS) and Catholic Health Initiatives (CHI) have signed an asset purchase agreement with Prime Healthcare Services. The APA signing followed the CHI Board of Stewardship Trustees acceptance of the unanimous recommendation of the Saint Clare's Board for CHI to sell the health system to Prime Healthcare.
The Saint Clare's Board and CHI decided to seek a new owner for SCHS to better meet the needs of the communities it serves in a changing health care environment. The Saint Clare's Board recognized that as health care reform continues to evolve, it is critical for health providers to be part of a broad network of coordinated health care organizations including health providers, payers and other related health entities.
CHI and Saint Clare's selected Prime Healthcare after a thorough evaluation of strategic alternatives and discussions with Catholic, not-for-profit and for-profit health care organizations that expressed interest in Saint Clare's.
Prime Healthcare has agreed to acquire all SCHS assets with the exception of the Saint Clare's Foundation and intends to hire all Saint Clare's employees. In addition, Prime Healthcare plans to continue to provide charity care services based on the existing charity care policies currently in place.
The transaction is expected to be completed by late summer or early fall subject to approvals from federal, state and Church authorities. Until the transaction closes, SCHS and CHI will continue to operate the facility. After the transaction closes, Prime Healthcare will take over all hospital operations. Additional details of the asset purchase agreement are subject to the confidentiality agreement.
About Catholic Health Initiatives: Catholic Health Initiatives (www.catholichealthinit.org) is a national nonprofit health system with headquarters in Englewood, Colo. The faith-based system operates in 17 states and includes 80 hospitals; 40 long-term care, assisted- and residential-living facilities; two community health-services organizations; two accredited nursing colleges; and home health agencies. Currently, CHI ranks as the nation's third-largest faith-based health system, with annual operating revenues of $10.7 billion and approximately 78,500 employees. In fiscal year 2012, CHI provided more than $715 million in charity care and community benefit, including services for the poor, free clinics, education and research.
About Prime Healthcare Services: Ontario, CA-based Prime Healthcare Services (www.primehealthcare.com), with a motto of "Saving Hospitals, Saving Jobs and Saving Lives," is one of the largest hospital companies in the nation.
Prime Healthcare was recognized as one of the "15 Top Health Systems" in the nation in 2013, based on quality of healthcare and patient satisfaction. It is the third time in five years it has been recognized. In 2013, eight Prime Healthcare hospitals were ranked among the "100 Top Hospitals" in the nation by Truven Health Analytics (formerly Thomson Reuters). Prime Healthcare hospitals have earned the award 21 times. In addition, eight Prime Healthcare hospitals earned national recognition as "Top Performer on Key Quality Measures," (Top 18 percent), in 2012 from The Joint Commission, the leading Medicare accreditation organization in the country.
Through their subsidiaries, Prime Healthcare Services and the non-profit Prime Healthcare Foundation have more than 20,000 employees and own and operate 23 acute-care hospitals: Alvarado Hospital Medical Center, Centinela Hospital Medical Center, Chino Valley Medical Center, Desert Valley Hospital, Encino Hospital Medical Center, Garden Grove Hospital Medical Center, Huntington Beach Hospital, La Palma Intercommunity Hospital, Montclair Hospital Medical Center, Paradise Valley Hospital, San Dimas Community Hospital, Shasta Regional Medical Center, Sherman Oaks Hospital and West Anaheim Medical Center – in California, Providence Medical Center and Saint John Hospital – in Kansas, Saint Mary's Regional Medical Center – in Nevada, Lower Bucks Hospital and Roxborough Memorial Hospital – in Pennsylvania, Dallas Medical Center, Harlingen Medical Center, Knapp Medical Center and Pampa Regional Medical Center – in Texas.
About Saint Clare's Health System: Saint Clare's Health System (www.saintclares.org), which has served the healthcare needs of northwestern New Jersey residents since 1895, is the region's premier provider of community-based healthcare and behavioral health services. Saint Clare's operates hospitals in Boonton Township, Denville, and Dover, and other facilities located throughout Morris and Sussex counties.
SOURCE Prime Healthcare Services