Prime Healthcare Expands Mission in Historic Acquisition of Ascension’s Nine Hospitals in Illinois
25 Julio 2024 - 8:44AM
Business Wire
The transaction with Ascension Illinois
further establishes Prime Healthcare as a leader committed to
ensuring health equity and clinically excellent healthcare
Prime Healthcare has entered into an asset purchase agreement
with Ascension for the sale of Ascension Illinois hospitals,
associated physician practices, post-acute and senior living
facilities.
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Upon completion, this acquisition will be the largest in the
history of Prime Healthcare and the Prime Healthcare Foundation, a
501c3 public charity.
Today, Prime Healthcare and Ascension Illinois highlighted their
continued efforts to preserve the legacy and mission of Ascension
Illinois. Prime Healthcare is an award-winning national health
system recognized for clinical excellence, health equity and social
responsibility. Prime has earned national recognition for its
unique ability to transform financially struggling hospitals and
has preserved quality healthcare in 14 states for more than 600
communities across the nation, “saving hospitals, saving jobs and
saving lives.” Since 2010, Prime has provided more than $12 billion
in community benefit and charity care.
Ascension selected Prime Healthcare to steward its hospitals and
care sites into the future after thorough due diligence, a values
compatibility assessment, and an ethics discernment process.
The asset purchase agreement includes the following Ascension
Illinois hospitals: Ascension Holy Family (Des Plaines), Ascension
Mercy (Aurora), Ascension Resurrection (Chicago), Ascension Saint
Francis (Evanston), Ascension Saint Joseph (Joliet), Ascension
Saint Joseph (Elgin), Ascension Saint Mary (Kankakee) and Ascension
Saint Mary and Saint Elizabeth (Chicago). The transaction also
includes the following post-acute and senior living facilities
currently operated by Ascension Living: Fox Knoll Village (Aurora),
Villa Franciscan Place (Joliet), Heritage Village and Heritage
Lodge (Kankakee) and Resurrection Place (Park Ridge).
“Ascension Illinois has been committed to our Mission of serving
all persons, with special attention to those who are most
vulnerable. Prime Healthcare’s Mission and commitment to clinical
excellence and health equity will carry on this legacy, ensuring
that the greater Chicago area has sustainable, quality healthcare
access long into the future,” said Polly Davenport, President and
Chief Executive Officer of Ascension Illinois. “We are confident
that Prime will continue its record of excellence and look forward
to working in partnership through the sale close process.”
As part of the acquisition, Prime Healthcare is committed to
investing $250 million in facility upgrades, capital improvements,
substantial technology investments and system upgrades. Prime
Healthcare has all available funding and no debt will be put on the
hospitals to complete this transaction. Additionally, Prime has
agreed to make offers of employment to substantially all
associates. Prime will continue and expand services based on
community needs, and will continue charity care and community
benefit programs, preserving the facilities’ roles as valued
community partners.
“Our agreement with Ascension reflects our decades-long mission
of saving, improving and investing in community hospitals and we
are excited to bring these Ascension Illinois facilities into our
Prime Healthcare family, preserving our shared values and mutual
commitment to patient-centered care,” said Sunny Bhatia, MD,
President and Chief Medical Officer of Prime Healthcare. “Like
Ascension, Prime Healthcare has a strong tradition of ensuring
health equity and social responsibility. This transaction will
enable a continuation of this tradition and expand our dedication
to compassionate care, clinical excellence, and service to patients
and the greater Chicago community.”
The hospitals and senior living facilities will join Prime
Healthcare’s award-winning national health system that currently
includes 44 hospitals, more than 300 outpatient locations, and
nearly 45,000 employees and affiliated physicians dedicated to
providing the highest quality, value-based healthcare. With this
acquisition, Prime Healthcare will have expanded its presence to
the third largest metropolitan area in the United States. Prime
already has facilities in the New York/New Jersey area and Los
Angeles.
Prime Healthcare is nationally recognized for award-winning
quality care and has been named a Top 10 and Top 15 Health System
by Truven Health Analytics. Its hospitals have been named among the
nation’s “100 Top Hospitals” 69 times and have received more
Patient Safety Excellence Awards from Healthgrades than any other
health system in the past eight years. Prime Healthcare was named
as one of America’s Greatest Workplaces for 2024 by Newsweek,
showcasing its environment where diverse backgrounds and identities
are valued and celebrated. In 2023, Prime Healthcare received more
than 500 awards from national organizations such as The Leapfrog
Group, U.S. News & World Report, and the Lown Institute which
honored Prime Healthcare as a “Top 10 Health System” in the nation
for health equity and social responsibility.
The transaction is expected to close within the first quarter of
2025, subject to standard regulatory approvals. Until that time,
Prime Healthcare and the included Ascension Illinois facilities
will continue to operate independently under a consulting agreement
between the two organizations to ensure stability and continued
exceptional patient care.
About Prime Healthcare
Prime Healthcare is an award-winning health system operating 44
hospitals and more than 300 outpatient locations in 14 states,
providing over 2.6 million patient visits annually. It is one of
the nation’s leading health systems with nearly 45,000 employees
and physicians. Fourteen of the Prime Healthcare hospitals are
members of the Prime Healthcare Foundation, a 501(c)(3)
not-for-profit public charity. Based in Ontario, California, Prime
Healthcare is nationally recognized for award-winning quality care
and has been named a Top 10 and Top 15 Health System by Truven
Health Analytics. Its hospitals have been named among the nation’s
“100 Top Hospitals” 69 times and have received more Patient Safety
Excellence Awards from Healthgrades than any other health system in
the past eight years. To learn more, please visit
primehealthcare.com.
About Ascension
Ascension is one of the nation’s leading non-profit and Catholic
health systems, with a Mission of delivering compassionate,
personalized care to all with special attention to persons living
in poverty and those most vulnerable. In FY2023, Ascension provided
$2.2 billion in care of persons living in poverty and other
community benefit programs. Ascension includes approximately
134,000 associates, 35,000 affiliated providers and 140 hospitals,
serving communities in 19 states and the District of Columbia. To
learn more, please visit ascension.org.
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Elizabeth Nikels enikels@primehealthcare.com 909-235-4305
Dennis Culloton dc@cullotonbauerluce.com 630-699-8811