For-Profit Company to Acquire Raritan Bay Medical Center in New Jersey
The two-hospital Raritan Bay has been looking for a partner to help manage the reimbursement shifts of healthcare reform, "work with the hospital's physicians and staff and grow the hospital's identity within the communities we serve," Raritan Bay President and CEO Michael D'Agnes said in a news release.
Financial terms of the potential acquisition were not disclosed. Raritan Bay and PMH will now work toward a definitive agreement. The transaction will still need state and federal approval.
New Jersey has been a hotbed for for-profit hospital acquisitions. Ontario, Calif.-based Prime Healthcare Services is in the process of buying Saint Michael's Medical Center in Newark, Saint Mary's Hospital in Passaic and Saint Clare's Health System, which includes hospitals in Denville, Dover and Boonton. CarePoint Health, formerly known as Hudson Holdco, has three hospitals within its for-profit system: Bayonne Medical Center, Hoboken University Medical Center and Christ Hospital in Jersey City.
PMH has also been active on the East Coast, recently signing a letter of intent to acquire CharterCare Health Partners, a two-hospital system based in Providence, R.I.
More Articles on Hospital Transactions:
© Copyright ASC COMMUNICATIONS 2015. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.
To receive the latest hospital and health system business and legal news and analysis from Becker's Hospital Review, sign-up for the free Becker's Hospital Review E-weekly by clicking here.