For-Profit Company Blocked from Bidding on Hospital in Rhode Island
May 19, 2010
A for-profit company was recently blocked from bidding on a struggling not-for-profit Rhode Island hospital while a bid from a Catholic system was allowed to proceed, according to a report by the Boston Herald.
Saying the public interest was more important than money, Judge Michael Silverstein denied a motion by Tennessee-based Transition Healthcare, to examine the finances of 214-bed Landmark Medical Center in Woonsocket, R.I., in preparation for a possible bid.
The judge has been overseeing Landmark since it nearly failed two years ago.
The decision leaves only one bidder, Boston-based Caritas Christi Health Care, which announced its bid in September. However, Caritas Christi itself recently agreed to be sold to a for-profit company, Cerberus Capital Management, in a sale that will require a lengthy regulatory process that could delay the Landmark deal.
Read the Boston Herald's report on Landmark Medical Center.
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