Prime Healthcare completes acquisition of St. Mary's Hospital in Passaic, New Jersey

Published on August 16, 2014 at 3:10 AM · No Comments

Prime Healthcare announced today that it has completed its acquisition of St. Mary's Hospital in Passaic, New Jersey.

Prime Healthcare is committed to investing more than $80 million into St Mary's Hospital, which serves Passaic, Clifton, Wallington, Carlstadt, Rutherford/East Rutherford, and many other surrounding towns.

"Prime Healthcare is excited about its first partnership with a hospital in New Jersey and looks forward to helping St. Mary's Hospital provide the exceptional patient care residents of Passaic and the surrounding communities want and deserve," said Prem Reddy, M.D., FACC, FCCP, Chairman, President and CEO of Prime Healthcare Services. "Prime Healthcare's motto is 'Saving Hospitals, Saving Jobs and Saving Lives,' and we plan to continue that at St. Mary's and help it become one of the best hospitals in the state and in the country."

Some of the key points of the acquisition will include:

  • St. Mary's will continue as an acute care facility with all its current services.
  • $30 million in capital improvements will be invested in the hospital.
  • Maintaining charity care levels for patients in need of financial assistance.
  • Hiring all existing employees; maintaining physician base.
  • Upholding the existing Collective Bargaining Agreement with JNESO.
  • Honoring the Catholic Ethical & Religious Directives.

"This is a special day for St. Mary's Hospital, and its patients and employees," said Edward J. Condit, President & CEO of St. Mary's Hospital. "Prime Healthcare is patient focused and quality driven and will strengthen St. Mary's financially so that it can dedicate more of its resources to providing even better community care."

Source:

Prime Healthcare Services

Posted in: Business / Finance | Healthcare News

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