Prime Healthcare Foundation Signs Definitive Agreement to Purchase The Memorial Hospital of Salem County in New Jersey
Prime Healthcare Foundation ("Prime Healthcare"), a non-profit 501(c)3 public charity, has signed a definitive agreement to acquire the 126-bed The Memorial Hospital of Salem County and related businesses, including physician clinic operations and ancillary services, from subsidiaries of Community Health Systems. The transaction is subject to regulatory approvals and is expected to close in the second quarter of 2016.
The Memorial Hospital of Salem County, located in Salem, New Jersey, is an acute care community hospital that offers a variety of services including emergency services and medical/surgical services including cardiopulmonary care and wound care. The hospital has received Gold Seal approval from The Joint Commission and is a certified Primary Stroke Center, serving all members of Salem, western Cumberland and southern Gloucester counties.
"Prime Healthcare looks forward to continuing The Memorial Hospital's history of quality and success because we believe exceptional healthcare should be part of every community," said Prem Reddy, MD, FACC, FCCP, Chairman, President and CEO of Prime Healthcare. "The experienced team of physicians, nurses and staff at The Memorial Hospital of Salem County are recognized for their exceptional care and will be a welcome addition to the Prime Healthcare family of hospitals."
The transaction is subject to customary regulatory approvals. Until the transaction is complete, current ownership will remain in place. Financial terms of the transaction have not been disclosed.
About Prime Healthcare Foundation and Prime Healthcare Services:
Prime Healthcare Foundation, headquartered in Ontario, California, is a 501(c)3 public charity with $650 million in assets all donated by Dr. Prem Reddy and his family. The mission of the Prime Healthcare Foundation is to provide quality, compassionate healthcare for all, and serve communities through various charitable and educational initiatives. Prime Healthcare Foundation's for-profit affiliate is Prime Healthcare Services, an award-winning national hospital system with 38 acute-care hospitals providing nearly 40,000 jobs in 11 states. Seven of the hospitals are members of the Prime Healthcare Foundation. Prime Healthcare and its hospitals have been featured prominently among the "100 Top Hospitals" in the nation 33 times and among the "15 Top Health Systems" three times. Prime Healthcare hospitals are recognized as "Top Performers on Key Quality Measures" by The Joint Commission and Prime Healthcare is the only "10 Top Health System" west of the Mississippi. For more information, please visit www.primehealthcare.com.