Thursday, September 03, 2015
Prime Healthcare Services, the fastest growing hospital system in the nation, announced today that it has completed the acquisition of St. Joseph Mercy Port Huron. As a result, St. Joseph Mercy Port Huron will now be known as Lake Huron Medical Center.
Lake Huron Medical Center is a 144-bed acute care hospital providing adult medical/surgical services, emergency care, cancer care, cardiac care, bariatric care, inpatient rehabilitation services and a vast number of other testing, health and medical services. Last year alone, Lake Huron Medical Center treated more than 20,000 patients in its emergency department; performed nearly 6,000 surgical procedures; provided treatment for nearly 400 oncology patients; and provided over 3,000 visits to the underserved through the Peoples' Clinic for Better Health.
Under the asset purchase agreement between Prime Healthcare, the nation's 5th largest for-profit hospital system, Saint Joseph Mercy Health System (SJMHS) and Trinity Health, Prime Healthcare has agreed to invest $20 million in capital improvements over three years (including the addition of a TrueBeam Linear Accelerator to the cancer center), maintain a charity care policy at or above current levels (including the operation of the Peoples' Clinic for Better Health), continue all foundation funding locally; maintain an independent medical staff and local governing board; and preserve the hospital as an acute care hospital with an open and accessible emergency department.
"Prime Healthcare remains committed to our mission of Saving Hospitals, Saving Jobs and Saving Lives," said Prem Reddy, MD, chairman, president and CEO of Prime Healthcare Services. "We are grateful to the Religious Sisters of Mercy and Trinity Healthcare for the opportunity to provide compassionate and quality healthcare to these communities."
Entities included in the sale are:
- St. Joseph Mercy Port Huron Hospital – now Lake Huron Medical Center
- Mercy Health Center in Fort Gratiot – now Lake Huron Medical Center North
- Mercy FITRAC in Marysville, Port Huron and Fort Gratiot – now, Lake Huron Physical Therapy and Rehabilitation Services
- Mercy Physician Partners (Mercy Family Care, Mercy Surgery Care and Mercy Specialty Care) in Marysville, Port Huron and Fort - - Gratiot – now Lake Huron Medical Group
- Lakeshore Surgery Center – no name change
- Advanced MRI – no name change
"Prime Healthcare's investment in our community will serve to open a new and exciting chapter in our hospital's history," said Rebekah Smith, RN, president and CEO of Lake Huron Medical Center. "Our affiliation with Prime will enable our hospital and staff to continue to provide Blue Water Area residents with state-of-the-art health care. We are confident that Lake Huron Medical Center will continue to be well positioned as the high quality health care provider our neighbors have come to depend on and deserve."
The financing for the transaction has been provided through a Real Estate Investment Trust funding by Medical Properties Trust, an Alabama-based publicly traded company.
primehealthcare.com
