Saturday, June 27, 2015
The New Jersey Superior Court, Chancery Division of Morris County today approved the Community Health Care Protection Act (CHAPA) application of Prime Healthcare and Saint Clare’s Health System. The court’s approval completes the New Jersey regulatory approval process, which will allow Prime to acquire Saint Clare’s.
Previously, the New Jersey Office of the Attorney General and the Department of Health deemed the CHAPA and the Certificate of Need applications for Prime Healthcare Services to acquire Saint Clare’s to be complete.
“We want to thank Judge Hansbury, the Office of the Attorney General and the Department of Health for their thorough review of the application and for the time and resources they have dedicated to it,” said Prem Reddy, MD, FACC, FCCP, chairman, president, and CEO of Prime Healthcare. “We’re pleased that Saint Clare’s will soon join St. Mary’s as part of our New Jersey health care system.”
“Today is a significant milestone in Saint Clare’s history and its future,” said Leslie D. Hirsch, president and CEO of Saint Clare’s Health System. “I want to thank the Saint Clare’s board, physicians, staff, employees, volunteers and the communities we serve for their ongoing commitment and dedication to Saint Clare’s. I especially appreciate the hard work of Catholic Health Initiatives (CHI), our parent organization, and of Prime Healthcare for their combined support and efforts to secure the approvals that will lead to our transfer from CHI to Prime.”
The transaction, which will complete the sale and transfer of Saint Clare’s to Prime, is anticipated to occur on July 31, 2015.
Prime Healthcare Services is an award-winning hospital system that was recognized as a Top 15 Health System in the nation in 2013 by Truven Health Analytics (formerly Thomson Reuters) for quality patient care and patient satisfaction. It was the third time in six years the health system was recognized.
finance.yahoo.com
