“This stable and sustainable operating performance establishes a platform to support plan 2025 strategic growth that will both increase topline revenue, diversify market concentration, and do so without having to raise debt to execute the growth,” Mr. Aleman said on Prime Healthcare Foundation’s Feb. 14 investor call.
That growth will come in two phases.
The first phase will come from the acquisition of two Illinois hospitals from St. Louis-based Ascension in a deal that is expected to close on March 1, Mr. Aleman said. Those hospitals are Evanston-based Saint Francis and Kankakee-based Saint Mary. Seven other Illinois hospitals involved in the transaction will become for-profit facilities.
The acquisition of Saint Francis will add 197 beds and $219 million in annual revenue, Mr. Aleman said. Saint Mary’s will add 182 beds and $159 million in revenue.
The second phase of growth will come in late 2025 with the expected closure of Prime Healthcare Foundation’s acquisition of Lewiston-based Central Maine Healthcare. The system includes Central Maine Medical Center, Bridgton Hospital, Rumford Hospital, CMH Cancer Care Center and more than 40 physician practices.
Mr. Aleman said the acquisition of Central Maine Healthcare will add 300 beds and $624.6 million in annual revenue. He said the foundation has also agreed to invest $150 million in the system’s facilities over the next five years and will continue and expand services.
“These transactions, all combined, are forecasted to add $1 billion of revenue on a full-year basis,” Mr. Aleman said.
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