Prime Healthcare Services entered into agreement to acquire from Tenet Healthcare Corp. (Tenet), 167-bed Garden Grove hospital Medical Center and 64-bed San Dimas Community Hospital. The Garden Grove & San Dimas transactions are subject to customary, regulatory approval and are expected to be completed in approximately sixty days.
Following the recent due diligence performed on these two hospitals, Prime Healthcare intends to keep the managed care contracts that are currently in effect, provided the health plans agree to the assignment of these contracts to Prime HealthcareÂ™s facilities.
This gives an opportunity for Prime Healthcare to work with the managed care plans in improving the patient care outcomes that are cost-effective, said Prem Reddy, MD, FACC, FCCP, Prime HealthcareÂ™s Chairman of the Board. The contract rates that are on par with TenetÂ™s hospital network appear reasonable.
Prime Healthcare Services, Inc. is a progressive, innovative and rapidly expanding hospital management company in Southern California. With over 6,000 employees, Prime Healthcare currently owns and operates ten acute care facilities: Centinela Hospital Medical Center in Inglewood (370-beds), Chino Valley Medical Center in Chino (126-beds), Desert Valley Hospital in Victorville (83-beds), Encino Hospital Medical Center in Encino (151-beds), Huntington Beach Hospital in Huntington Beach (141-beds), La Palma Intercommunity Hospital in La Palma (131-beds), Montclair Hospital Medical Center in Montclair (102-beds), Paradise Valley Hospital in National City (301-beds), Sherman Oaks Hospital and the Grossman Burn Center in Sherman Oaks (153-beds) and West Anaheim Medical Center in Anaheim (219-beds) in California. Prime HealthcareÂ™s mission is to provide comprehensive quality healthcare in a compassionate, convenient and cost-effective manner. For more information, please visit www.primehealthcare.com.
Prime Healthcare Services, Inc.
Jana Retes, 760-792-9389