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SCHS and CHI Sign Asset Purchase Agreement with Prime Healthcare Services - AvNetwork.com

SCHS and CHI Sign Asset Purchase Agreement with Prime Healthcare Services

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Saint Clare's Health System (SCHS) and Catholic Health Initiatives (CHI) have signed an asset purchase agreement with Prime Healthcare Services.

The APA signing followed the CHI Board of Stewardship Trustees acceptance of the unanimous recommendation of the Saint Clare's Board for CHI to sell the health system to Prime Healthcare.

The Saint Clare's Board and CHI decided to seek a new owner for SCHS to better meet the needs of the communities it serves in a changing health care environment. The Saint Clare's Board recognized that as health care reform continues to evolve, it is critical for health providers to be part of a broad network of coordinated health care organizations including health providers, payers and other related health entities.

CHI and Saint Clare's selected Prime Healthcare after a thorough evaluation of strategic alternatives and discussions with Catholic, not-for-profit and for-profit health care organizations that expressed interest in Saint Clare's.

Prime Healthcare has agreed to acquire all SCHS assets with the exception of the Saint Clare's Foundation and intends to hire all Saint Clare's employees. In addition, Prime Healthcare plans to continue to provide charity care services based on the existing charity care policies currently in place.

The transaction is expected to be completed by late summer or early fall subject to approvals from federal, state and Church authorities. Until the transaction closes, SCHS and CHI will continue to operate the facility. After the transaction closes, Prime Healthcare will take over all hospital operations. Additional details of the asset purchase agreement are subject to the confidentiality agreement.

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