Prime Healthcare Services, the U.S-based private healthcare company, today highlighted its continued efforts to preserve the healthcare mission and legacy of St. Francis Medical Center. The company has reportedly announced that it has acquired St. Francis Medical Center after getting approval from U.S. Bankruptcy Court for the Central District of California.
Sources cite that Prime has acquired St. Francis for a net consideration of more than USD 350 million including over USD 250 million cash. The company will also invest $47 million in St. Francis to finance capital improvements, including significant system upgrades and technology investments. It is also agreed to make offers of employment to substantially all St. Francis employees.
Prime will also invest in systems and infrastructure to modernize the delivery of the patient-focused care.
Speaking on the acquisition, Sunny Bhatia, MD, CEO of Region I at Prime Healthcare, said that the firm is privileged to continue the heritage of St. Francis Medical Center, an indispensable community partner consisting committed nurses, staff, and doctors to saving lives and catering all those in need.
Prime is well-positioned to lead St. Francis into a bright future; Mr. Bhatia said adding that the firm is grateful for the opportunity and support it had received from the community.
Situated in Southeast Los Angeles, St. Francis Medical Center is a renowned acute care hospital with one of the biggest Level II trauma centers and emergency departments and in Los Angeles County. The hospital treats around 64,000 emergency patients and over 2,000 trauma patients a year.
The sales of the medical center received the support of the St. Francis Board of Directors, physicians, staff, community members, as well as elected officials in Los Angeles County.
Attorney General Xavier Becerra said in this approval statement that the sale to Prime Healthcare protects access to healthcare services for the Los Angeles communities.
Source Credit – https://www.globenewswire.com/news-release/2020/08/14/2078366/0/en/Prime-Healthcare-Successfully-Completes-Historic-Acquisition-of-St-Francis-Medical-Center.html#:~:text=Ontario%2C%20CA%2C%20Aug.%2014,facility%20in%20Los%20Angeles%20County