Prime Healthcare Services to acquire Paradise Valley Hospital
Press Release, Oct 30, 2006.
PRIME HEALTHCARE SERVICES TO ACQUIRE PARADISE VALLEY HOSPITAL
Prime Healthcare Services, Inc. (PHS) announced today it has signed a letter of intent to acquire Paradise Valley Hospital, a 301-bed facility in National City, Calif. The for-profit health care management company, which owns and operates seven acute care facilities elsewhere in Southern California, has committed to continue operations of the Adventist Health hospital. PHS will maintain all the existing patient care services including the Emergency Department and the current levels of charity care at the hospital. The sales agreement includes the main physical plant, sitting on more than 30 acres in San Diego’s South Bay, as well as the Bayview Behavioral Health Campus and South Bay Rehabilitation Center. Under the agreement, substantially all of the hospital’s current employees will be offered employment with the new owner when the sale is finalized. Careful study by the Adventist Health Board of Directors over an extended period of time has led to this decision, and it approved the potential sale subject to the State of California Attorney General’s consent. If authorized by the AG, the ownership transfer is projected to take place during the first quarter of 2007. “PHS will continue to operate the hospital under the same long running tradition of community service established by Adventist Health over one hundred years ago,” said Prem Reddy, MD, Chairman of the Board of PHS. In the interim, the facility will operate as usual. The pending transaction will have no effect on any scheduled patient appointments or surgeries. Any patient with a question or concern may call the hospital at 619-470-4130.
---------------------------------------------------------------------------
Prime Healthcare Services, Inc. is a progressive, innovative and rapidly expanding hospital management company in Southern California. PHS currently owns seven acute care facilities in Southern California: Desert Valley Hospital in Victorville, Chino Valley Medical Center in Chino, Sherman Oaks Hospital and the Grossman Burn Center in Sherman Oaks, Montclair Hospital Medical Center in Montclair, Huntington Beach Hospital in Huntington Beach, La Palma Intercommunity Hospital in La Palma and West Anaheim Medical Center in Anaheim, California. Desert Valley Hospital received an unprecedented accreditation with “commendation” from JCAHO in its first year of operation and has been ranked nationally as a “Top 100 Hospital” by Solucient and Modern Healthcare Magazine, in both 2003 and 2005. PHS’ motto is to provide comprehensive quality healthcare in a compassionate, convenient and cost-effective manner. For further information, visit www.premreddy.com. Adventist Health is a not-for-profit, faith-based health system operating in California, Hawaii, Oregon and Washington. Founded on the Seventh-day Adventist heritage of Christian health care, Adventist Health is comprised of 20 hospitals with more than 3,100 beds, 19,000 employees, numerous clinics and outpatient facilities, 16 home care agencies and three joint-venture retirement centers. For more information, visit www.adventisthealth.org