PLANO, Texas, June 15, 2012 /PRNewswire/ -- LHP Hospital Group, Inc. (LHP), a privately held company established to provide essential capital and expertise to not-for-profit hospitals and hospital systems, and Hackensack University Health Network announced that the Commissioner of the NJ Department of Health and Senior Services has approved Mountainside Hospital's transfer of ownership. The ownership transfer was first announced in February 2012, when a joint venture between Hackensack University Health Network and LHP unveiled plans to acquire the 365-bed facility. Today's decision from Commissioner Mary O'Dowd represents the final step in the State's Certificate of Need process and allows all parties to move forward with the closing of the proposed transaction, scheduled for July 2012.
"I'm pleased to announce that our transaction with LHP and Hackensack University Health Network is nearing completion," said John Fromhold, President and CEO of Mountainside Hospital. "This is an exciting growth opportunity for our hospital. Together, we'll be better positioned to respond to healthcare reform from a cost management standpoint, and better positioned to respond to the healthcare needs of the Montclair community."
Dan Moen, LHP's chief executive officer, added, "Mountainside has served Montclair, Glen Ridge and surrounding communities for well over 100 years, and in that time has earned a stellar reputation for patient care, safety, and community involvement. We intend to continue the best of what Mountainside represents, while investing and building for the future. LHP is honored to work with Hackensack University Health Network and Mountainside in a relationship that will benefit patients in the region for many years to come."
Robert C. Garrett, President and Chief Executive Officer of Hackensack University Health Network, issued the following statement regarding Commissioner Mary O'Dowd's decision to approve the transfer of ownership. "We are pleased by Commissioner O'Dowd's decision to approve our application which will extend HackensackUMC's world-class healthcare network to Montclair and the surrounding communities. Today's decision by the State validates the strength of our joint venture with LHP Hospital Group, Inc. to manage and operate Mountainside, one of the premier hospitals in New Jersey with an excellent record of providing quality healthcare services. Our joint venture will ensure Mountainside Hospital is well-positioned for future growth and continues to provide the highest quality healthcare and service excellence to Essex County and surrounding regions. We look forward to continuing our partnership with LHP to bolster healthcare in New Jersey."
Mountainside Hospital recently celebrated its 120th anniversary as a pillar of its community. Located on the Montclair/Glen Ridge border, the hospital receives about 11,000 inpatient admissions annually, as well as over 100,000 outpatient visits and almost 40,000 emergency department visits. Prior to its acquisition, Mountainside was owned by Kentucky-based Merit Health Systems, and has been operating as a for-profit hospital since 2007.
Further information about the new partnership will be released by LHP and Hackensack University Health Network in the coming months. For additional information about Mountainside Hospital, visit mountainsidehosp.com.
About LHP Hospital Group, Inc.
LHP Hospital Group, Inc. (LHP) is a privately held company established to provide essential capital and expertise to not-for-profit hospitals and hospital systems. In cooperation with local hospitals, LHP forms joint ventures to acquire, own, operate and manage acute care facilities in small cities and select urban markets throughout the United States. Headquartered in Plano, Texas, LHP is owned by affiliates of the private equity firm CCMP Capital Advisors, LLC and the CPP Investment Board as well as certain members of management and the board of directors. For more information, please go to www.lhphospitalgroup.com.
About Mountainside Hospital
At Mountainside Hospital, world-class physicians treat a wide range of medical conditions using state-of-the-art technology. Patients have immediate access to innovative and effective treatment alternatives at specialized centers within the hospital that focus on imaging, women's health, cancer care, surgery, obesity, stroke and chronic kidney disease. The 365-bed community hospital delivers personalized care while also serving as a learning center via its nursing school and residency programs in family medicine, internal medicine and dentistry. Mountainside Hospital is designated as a Primary Stroke Center by the NJ State Department of Health and Senior Services and is one of only a few community hospitals licensed by the State to perform emergency angioplasty. To learn more about Mountainside visit www.mountainsidehosp.com.
About Hackensack University Health Network
Hackensack University Health Network is the non-profit, New Jersey-based parent company of HackensackUMC, the HackensackUMC Foundation, Hackensack University HealthPartners Medical Group, and corporate joint venture partners with LHP Hospital Group (Dallas, TX) in ownership of two hospitals: HackensackUMC at Pascack Valley and Mountainside Hospital. With more than 9,000 employees and 2,200 credentialed medical staff members at hospitals within the Network, Hackensack University Health Network is the largest healthcare system in northern New Jersey. The Network has current clinical collaborations and affiliations with Hackettstown Regional Medical Center and Saint Clare's Health System. For more information, go to www.HackensackUMC.org
SOURCE LHP Hospital Group, Inc.