LRMC set to undergo sale
Dr. Prem Reddy
Prime Healthcare Services and its CEO, Dr. Prem Reddy, recently announced that it has signed a definitive agreement to purchase the Lehigh Regional Medical Center.
The plans calls for Prime Healthcare to purchase all related businesses, including physician clinic operations and ancillary services from subsidiaries of Community Health Systems, the present owners of LRMC.
According to an announcement, the sale is expected to close between now and the end of the fourth quarter of this year, pending regulatory approval and closing conditions.
Employees at LRMC have been told that the new owners have no plans for staff changes with Prime announcing it will hire substantially all the employees into their same positions and compensation, with seniority recognized.
There will be no change or modification to the current staff privileges for physicians on the medical staff.
MEL TOADVINE Lehigh Regional Medical Center.
Lehigh Regional reported nearly $4.2 million in losses in 2014, according to the state.
Tom Marshall, LRMC’s interim chief executive officer, said “all of our caregivers are committed to service for the individuals who come to us for care and our broader community. An affiliation with Prime Healthcare provides opportunities to build on our history of service and success.”
Joanie Jeanette resigned as the chief executive officer a few weeks ago to accept another position.
Financial terms of the medical center purchase were not disclosed.
LRMC is accredited by the Joint Commission and serves a five-county area.
“Prime Healthcare looks forward to expanding its network to Florida in an effort to continue saving hospitals, jobs and lives,” said Reddy. “The experienced team of exceptional physicians and caregivers at LRMC would be a welcome addition and we look forward to working with them.”
A statement from Prime Healthcare said it owns 34 acute-care hospitals in 10 states. Prime calls itself a company that “rescues financially distressed hospitals, turning them into thriving community assets and providing uninterrupted access to care.”
The report states that Prime has never sold or closed a hospital. LRMC is its first Florida hospital.
Prime Healthcare is based in California and is one of the largest hospital systems in the country.
According to a statement from Prime Healthcare, it has been recognized as among the 100 Top Health Systems three times, and is the only 10 Top Health Systems west of the Mississippi.
The hospitals have been recognized by the Joint Commission among the “Top Performers on Key Quality Measures” in 2014.
Community Health Systems does not expect the divestiture to have a financial impact. Following the divestiture, it will continue to operate 25 hospitals in Florida.
-
- MEL TOADVINE Lehigh Regional Medical Center.
LRMC set to undergo sale
Dr. Prem Reddy
Prime Healthcare Services and its CEO, Dr. Prem Reddy, recently announced that it has signed a definitive agreement to purchase the Lehigh Regional Medical Center.
The plans calls for Prime Healthcare to purchase all related businesses, including physician clinic operations and ancillary services from subsidiaries of Community Health Systems, the present owners of LRMC.
According to an announcement, the sale is expected to close between now and the end of the fourth quarter of this year, pending regulatory approval and closing conditions.
Employees at LRMC have been told that the new owners have no plans for staff changes with Prime announcing it will hire substantially all the employees into their same positions and compensation, with seniority recognized.
There will be no change or modification to the current staff privileges for physicians on the medical staff.
MEL TOADVINE Lehigh Regional Medical Center.
Lehigh Regional reported nearly $4.2 million in losses in 2014, according to the state.
Tom Marshall, LRMC’s interim chief executive officer, said “all of our caregivers are committed to service for the individuals who come to us for care and our broader community. An affiliation with Prime Healthcare provides opportunities to build on our history of service and success.”
Joanie Jeanette resigned as the chief executive officer a few weeks ago to accept another position.
Financial terms of the medical center purchase were not disclosed.
LRMC is accredited by the Joint Commission and serves a five-county area.
“Prime Healthcare looks forward to expanding its network to Florida in an effort to continue saving hospitals, jobs and lives,” said Reddy. “The experienced team of exceptional physicians and caregivers at LRMC would be a welcome addition and we look forward to working with them.”
A statement from Prime Healthcare said it owns 34 acute-care hospitals in 10 states. Prime calls itself a company that “rescues financially distressed hospitals, turning them into thriving community assets and providing uninterrupted access to care.”
The report states that Prime has never sold or closed a hospital. LRMC is its first Florida hospital.
Prime Healthcare is based in California and is one of the largest hospital systems in the country.
According to a statement from Prime Healthcare, it has been recognized as among the 100 Top Health Systems three times, and is the only 10 Top Health Systems west of the Mississippi.
The hospitals have been recognized by the Joint Commission among the “Top Performers on Key Quality Measures” in 2014.
Community Health Systems does not expect the divestiture to have a financial impact. Following the divestiture, it will continue to operate 25 hospitals in Florida.
-
- MEL TOADVINE Lehigh Regional Medical Center.
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