Prime Healthcare Services has completed its twice-delayed
$35 million acquisition of Mercy Suburban Hospital.
The proposed sale of the East Norriton, Pa., hospital,
previously part of the Conshohocken-based Mercy Health System, was first
announced 11 months ago. The deal received the necessary regulatory approvals
by the beginning of Sepember, but the closing date was pushed back twice while
the two organizations worked out operational issues connected to certain
back-office systems shared by Mercy Suburban and other Mercy medical centers in
the region.
“That has created some complexities and delays,” said
Peter Adamo, Prime Healthcare’s regional CEO for the Philadelphia market, in an
interview last month. “We’ve had to restructure some of the original
understandings.”
As part of the deal, Prime Healthcare — which already
operates Roxborough Memorial Hospital and Lower Bucks Hospital in Bristol, Pa.,
in this market — agreed to maintain Mercy Suburban's charity care policies,
keep substantially all of the hospital’s 676 employees, and invest $30 million
in capital improvements at the hospital.
The deal for Mercy Suburban, which is now being operated
as Suburban Community Hospital, was one of four acquisitions completed by Prime
Healthcare of Ontario, Calif., this week. The privately owned, for-profit
hospital management company also finalized deals for Lehigh Regional Medical
Center in Florida, Southern Regional Medical Center in Georgia and River Valley
Health Partners in Ohio.
Prime Healthcare now operates 42 hospitals in 14 states
with nearly 42,000 employees and physicians.
Source: Philadelphia
Business Journal
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