Saint Clare's Health System and Catholic Health Initiatives Sign Asset Purchase Agreement with Prime Healthcare
ENGLEWOOD, CO and DENVILLE, N.J. (May 3, 2013) - 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
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
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 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.
Main News, News