Prime Healthcare Foundation Completes Acquisition of Coshocton County Memorial Hospital in Ohio
Posted on Nov 1, 2016
(Coshocton, Ohio – November 1, 2016) – Prime Healthcare Foundation
and Coshocton County Memorial Hospital announced today that Prime Healthcare
Foundation has completed its acquisition of Coshocton County Memorial
Hospital in Coshocton, Ohio. The hospital will retain a local governing
board and not-for-profit status as a member of the Prime Healthcare Foundation,
an affiliate of Prime Healthcare. As a result of the sale, the hospital
will now be known as Coshocton Regional Medical Center.
“Prime Healthcare looks forward to working with the physicians, nurses
and employees at Coshocton Regional Medical Center to ensure the best
care and service for patients and members of the community,” said
Prem Reddy, MD, FACC, FCCP, Chairman, President and CEO of Prime Healthcare.
“Prime Healthcare is grateful to continue Coshocton’s legacy
of providing quality and compassionate healthcare, with millions of dollars
of investment over the next five years in capital equipment and infrastructure
The Prime Healthcare Foundation, a 501(c)3, non-profit public charity dedicated
to improving access to healthcare and increasing educational opportunities
in healthcare, has donated millions of dollars to save financially distressed
and bankrupt hospitals, improving their quality of care and turning them
into important community assets.
“Our hospital has a 107-year history of service to our communities,”
said Max Crown, Board of Trustees Chairman at Coshocton. “Now, as
Coshocton Regional Medical Center and a member of Prime Healthcare, we
have a renewed opportunity to prosper with a proven leader in quality
Coshocton Regional Medical Center was on the brink of closure in March,
2016. Prime Healthcare Foundation submitted a Letter of Intent to purchase
the hospital and the majority of its assets through bankruptcy court approval
in September 2016 and issued an order to proceed with the acquisition.
The Ohio Attorney General’s office also approved the transaction,
which is required for the sale of non-profit healthcare providers, after
holding a public forum on the acquisition.
Coshocton Regional Medical Center is a 56-bed acute care hospital that
The Joint Commission’s Gold Seal of Approval® for accreditation by demonstrating compliance with national standards
for health care quality and safety in hospitals. The hospital and its
team of physicians serve a population of 36,500 residents in Coshocton
County and surrounding counties in the eastern central Ohio region with
emergency, diagnostic, surgical and rehabilitation services.
“We’re excited to welcome the Coshocton team to Prime Healthcare,”
said Luis Leon, President of Operations of Prime Healthcare, Division
II. “Our mission at Prime Healthcare is to save and improve hospitals
so they can deliver compassionate, quality healthcare in their local communities.
Coshocton Regional Medical Center holds a special place in the community
and is a vibrant, committed hospital with talented staff and physicians.”
With the addition of Coshocton Regional Medical Center, Prime Healthcare
now owns and operates 44 hospitals in 14 states with nearly 43,500 employees
and physicians. Twelve of the hospitals are members of the Prime Healthcare
Foundation. Prime Healthcare hospitals are regularly recognized for high
quality care and the health system is one of the fastest growing hospital
systems in the United States.
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