Prime Healthcare Reaches Agreement to Buy Landmark Health System, Located in Rhode Island
Ontario, Calif., Sept.28, 2012 – Prime Healthcare Services – Landmark, LLC, announced today that it has reached an agreement to purchase the Landmark Health System, located in Woonsocket, Rhode Island, subject to court approval.
The system includes the Landmark Medical Center, which is a 214-bed, acute care hospital, providing emergency, diagnostic, medical, surgical, psychiatric, cancer, cardiac and obstetric care. Landmark services approximately 7,000 inpatient visits, more than 45,000 emergency room visits and 75,000 outpatient visits annually. Landmark, in operation for 135 years, is the sole community hospital serving Woonsocket and the surrounding communities of northern Rhode Island. With 1,300 employees, Landmark is the second-largest economic driver in northern Rhode Island.
"Prime Healthcare understands how vital acute care hospitals such as Landmark Medical Center are to the community, which is why we take our motto – saving hospitals, saving jobs and saving lives – so seriously," said Prem Reddy, MD, FACC, FCCP, Chairman, President and CEO of Prime Healthcare Services. "Our experienced management team and our physician-driven and patient-focused system, which adheres to proven clinical protocols, will stabilize the hospital financially and make it one of the top providers of healthcare in the state and country."
Prime Healthcare, an award winning health system, was nationally recognized in 2012 as one of the "15 Top Health Systems in the Nation" by Thomson Reuters, based on quality of healthcare and patient satisfaction. It was also recognized as a top health system in 2009. Five Prime Healthcare hospitals were also ranked among the "100 Top Hospitals in the Nation" in 2012.
Recently, The Joint Commission, the leading Medicare accreditation organization in the country, announced that eight Prime Healthcare hospitals earned national recognition as "Top Performer," (Top 18 percent), on Key Quality Measures.
"We worked well with Prime Healthcare on an earlier proposal," said Jan Peso, RN and President of the United Nurses & Allied Professionals, Local 5067, which represents between 500 and 600 employees at Landmark Medical Center and the Rehabilitation Hospital of RI. "We would certainly look forward to working with them again."
"The survival of Landmark Medical Center continues to be a significant priority for our city, its residents, and the many employees of Landmark that make Woonsocket their home," said Woonsocket Mayor Leo Fontaine. "Though I am disappointed in the recent turn of events in that it now prolongs what has already been a difficult process, I am happy that Landmark has taken the steps it has to position itself for a successful future as a full service hospital in our community. I am also encouraged by the entrance of Prime Healthcare into the effort to save our hospital. They have a demonstrated commitment to quality healthcare and have a proven track record of turning hospitals such as Landmark around successfully. We will continue to assist in this process to ensure the success of our community hospital and its future in our city."
Prime Healthcare Services – Landmark, LLC has agreed to:
· Invest more than $60 million into the Landmark Health System over the next five years.
· Immediately provide an emergency line of credit of $3 million.
· Continue operating Landmark Medical Center as an acute care hospital that services the needs of the community, including emergency department.
· Continue to offer charity care at the existing levels or more.
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