On Wednesday, July 23th, New Jersey Superior Court Judge Margaret Mary
McVeigh approved the sale of St. Mary's Hospital to Prime Healthcare
Services. The decision follows approval for the acquisition from both
the NJ Attorney General's Office and the State Department of Health
& Senior Services.
"Prime Healthcare Services is excited to partner with St. Mary's
Hospital and is committed to delivering high-quality healthcare in Passaic
and the surrounding communities while preserving the hospital's charity
care initiatives," said Prem Reddy, M.D., FACC, FCCP, Chairman, President
and CEO of Prime Healthcare Services. "Our clinical and operational
expertise has helped earn our system and hospitals awards and accolades
that have made us nationally renowned, and we plan on guiding St. Mary's
in similar fashion."
"This is a special day for St. Mary's Hospital, and its patients
and employees. I'm very pleased with the outcome of the court proceeding
and receiving the order today," said Edward J. Condit, President
& CEO of St. Mary's Hospital.
"Prime Healthcare had already invested in St. Mary's, bringing
new technology and capital improvements," said Luis Leon, President
of Operations for 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."
Prime Healthcare is investing more than $80 million in St Mary's Hospital
with this sale. St. Mary's serves Passaic, Clifton, Wallington, Carlstadt,
Rutherford/East Rutherford, and many other surrounding towns.
Some of the key points of the acquisition will include:
- Prime Healthcare will keep St Mary's as a 269 bed acute care facility
- Investing $30 million in capital improvements 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
"Prime Healthcare is patient-focused and quality driven," said
Mr. Condit. St. Mary's will now join a system which boasts top rankings
in quality across the country. This acquisition will strengthen St. Mary's
financially so it may dedicate more of its resources to providing even
better community care."
Prime Healthcare has been recognized as one of the "15 Top Health
Systems" three times in the past six years, based on the quality
of care and patient satisfaction. Since 2003, Prime Healthcare hospitals
were ranked among the "100 Top Hospitals" 27 times. Prime Healthcare
owns and or operates 28 hospitals in eight states and has more than 30,000