Prime Healthcare Foundation Signs Definitive Agreement to Acquire Mission Regional Medical Center
(Ontario, CA – May 24, 2017) – Mission Regional Medical Center
in Mission, Texas and Prime Healthcare Foundation have signed a definitive
agreement for the acquisition of the 297-bed community hospital.
The agreement includes a commitment from Prime Healthcare Foundation to
maintain Mission Regional as an acute care hospital, strengthen physician
recruitment, and to provide a multimillion dollar capital commitment over
the next five years. The agreement also includes a management agreement
being entered into with Prime Healthcare Management until the transaction closes.
Prime Healthcare Foundation, a 501(c)3 public charity based in Ontario,
CA with a mission of providing quality, compassionate healthcare for all,
is affiliated with Prime Healthcare. The Foundation includes 12 of the
44 hospitals within the award-winning Prime Healthcare network. One of
the 12 Foundation hospitals, all of which are not-for-profit, is Knapp
Medical Center located near Mission in Weslaco, Texas. Another member
of Prime Healthcare in South Texas is Harlingen Medical Center located
in Harlingen, TX.
Mission Regional Medical Center is five-star rated for maternity care and
nationally ranked in the top ten percent in the nation for joint replacement.
The not-for-profit hospital offers a full range of
medical, surgical and emergency services.
“Mission Regional has provided high quality healthcare to the residents
of Hidalgo County and surrounding communities for more than 60 years,”
said Prem Reddy, MD, FACC, FCCP, Chairman, President and CEO of Prime
Healthcare. “We recognize the hospital’s successes and will
partner with physicians, nurses, employees and the community to preserve
this valuable healthcare institution for generations to come.”
“As a future member of the Prime Healthcare Foundation family of
hospitals, we look forward to continuing our dedicated service to our
community with additional resources and support from an award winning
health system,” said Javier Iruegas, FACHE, CEO of Mission Regional
Medical Center. “We are confident this new partnership will help
us enhance the quality of life in the Rio Grande Valley.”
The acquisition of the hospital is expected to close July 1, 2017.
Prime Healthcare and the Prime Healthcare Foundation are dedicated to providing
the best quality care to the communities they serve. Prime Healthcare
has been recognized among the “15 Top Health Systems” three
times by Truven Health Analytics, and its hospitals have been recognized
38 times among the “100 Top Hospitals” in the nation.
About Mission Regional Medical Center:
Mission Regional Medical Center is a 297-bed, non-profit hospital that
provides inpatient and outpatient hospital services to the people of the
Rio Grande Valley. Rated one of the top hospitals in the country for clinical
excellence in many services including maternity and orthopedic care, Mission
Regional Medical Center has been offering quality healthcare, close to
home, for over 60 years. For more information visit www.missionrmc.org
About Prime Healthcare and Prime Healthcare Foundation:
Prime Healthcare is an award-winning national hospital system with 44 acute-care
hospitals providing nearly 43,500 jobs in 14 states. Twelve of the hospitals
are members of the Prime Healthcare Foundation, a 501(c)3 public charity
with a mission of providing quality, compassionate healthcare for all.
Based in California and one of the largest hospital systems in the
country, Prime Healthcare and its hospitals have been recognized as among
the “100 Top Hospitals” in the nation 38 times and among the
“15 Top Health Systems” three times, and Prime Healthcare
is the only "Top 10 Health System" west of the Mississippi.
For more information, please visit www.primehealthcare.com.
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