Prime Healthcare Completes Acquisition of Pampa Regional Medical Center

--California-based health system purchases the Texas Panhandle hospital from Signature--

Jun 01, 2012, 12:19 ET from Prime Healthcare Services

ONTARIO, Calif. and HOUSTON, June 1, 2012 /PRNewswire/ -- Prime Healthcare Services, based in Ontario, Calif., announced today that it has completed a transaction to acquire Pampa Regional Medical Center, located in Pampa, Texas, from Signature Hospital Corporation, based in Houston, Texas.

"Our goal at Prime is to provide quality, cost-effective care to patients and partner with the communities we serve," said Prem Reddy, M.D., FACC, FCCP, Chairman, President and CEO of Prime Healthcare Services. "We are honored to bring this mission to the patients of Pampa and the Texas Panhandle."

Pampa Regional Medical Center is a 115-bed acute care community hospital serving a population of approximately 65,000 residents in the Texas Panhandle. Founded in 1950, Pampa Regional employs more than 200 full-time and part-time staff members. Pampa Regional is accredited by the Joint Commission.

"The people serviced by Pampa Regional deserve the best possible care available," said Steve Peterson, Chief Financial Officer of Signature Hospital Corporation, parent company of Pampa Regional Medical Center. "Prime has a history of quality care and was the best option for Pampa Regional and Signature."

Prime Healthcare plans to sustain the mission of Pampa Regional to provide great care by investing to improve the infrastructure and operations of the hospital in addition to keeping vital services open. Prime Healthcare will also assume all health plan contracts and review them to protect the financial viability of the hospital. Prime Healthcare will offer employment to all of the hospital's employees and will continue the hospital's commitment to the community by maintaining the current charity care policies.

Prime Healthcare was recognized in 2012 as one of the Top 15 Health Systems in the nation by Thomson Reuters based on quality of care, efficiency and patient satisfaction. According to Thomson Reuters, compared to its peers, Prime Healthcare saved more lives, caused fewer patient complications, made fewer medical errors, followed recommended standards of care more closely, released patients sooner from the hospitals and scored better on patient satisfaction surveys. Prime Healthcare ranked higher than the other 21 health systems in California and more than 30 other health systems on the West Coast. In addition, Thomson Reuters ranked Prime Healthcare as the Top 10 Health System in 2009.

About Prime Healthcare Services
Ontario, CA-based Prime Healthcare Services is one of the largest hospital companies in the U.S. and a leading operator of general acute care hospitals with a mission of providing comprehensive, quality health care in a compassionate, convenient and cost-effective manner.

Through their subsidiaries, Prime Healthcare Services and the non-profit Prime Healthcare Foundation has more than 12,000 employees and own and operate 16 acute care hospitals: Alvarado Hospital Medical Center, Centinela Hospital Medical Center, Chino Valley Medical Center, Desert Valley Hospital, Encino Hospital Medical Center (Non-Profit), Garden Grove Hospital Medical Center, Huntington Beach Hospital, La Palma Intercommunity Hospital,

Montclair Hospital Medical Center (Non-Profit), Paradise Valley Hospital, San Dimas Community Hospital, Shasta Regional Medical Center, Sherman Oaks Hospital (Non-Profit), West Anaheim Medical Center, all in California, Harlingen Medical Center, in Texas and Roxborough Memorial Hospital, in Pennsylvania.

Prime Healthcare was recognized as the "Top 15 Health System in the Nation" in 2012 and the "Top 10 Health System in the Nation" in 2009 by Thomson Reuters. Of the twelve hospitals that are accredited by Joint Commission, the leading accreditation organization in the country, nine earned national recognition as "Top Performer," (Top 14%), on Key Quality Measures in 2011. Five of the hospitals were ranked as the 'Top 100 Hospitals' in 2012 for quality patient care.

SOURCE Prime Healthcare Services