Hackensack University Health Network, Palisades deal gets green light: 6 things to know
In New Jersey, a Hudson County Superior Court judge has signed off on Hackensack (N.J.) University Health Network's acquisition of Palisades Medical Center in North Bergen, N.J., according to a report from The Record.
Here are six things to know about the deal.
1. Once the deal is finalized, Palisades Medical Center will be known as HackensackUMC Palisades.
2. As part of the deal, the Hackensack health network will also acquire a 245-bed long-term care facility from Palisades Medical Center.
3. Robert C. Garrett, CEO of Hackensack University Health Network, said a primary goal of the Palisades Medical Center purchase "is to keep care in New Jersey and closer to home," according to The Record. He expects more patients to be treated at the North Bergen hospital, which now admits about 11,000 patients annually, as Hackensack health network enhances its services, the report notes.
4. The deal did not involve the exchange of cash. However, Hackensack University Health Network has agreed to invest $50 million in capital projects over the next five years, and to take on about $45 million in outstanding debt, according to the report, which cites a summary prepared by the New Jersey Attorney General's office.
5. Palisades Medical Center is the latest organization to become part of the system that includes the flagship Hackensack University Medical Center, HackensackUMC Mountainside in Montclair, N.J., HackensackUMC at Pascack Valley in Westwood, N.J., and the affiliated Englewood (N.J.) Hospital and Medical Center.
6. The deal is slated to be signed March 1. The two parties signed a definitive agreement last April.
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