Paradigm Physician Partners, an Easton, Conn.-based hospital management company, has made an offer to buy Hoboken (N.J.) University Medical Center for $52 million and invest an additional $25 million in operational upgrades, according to a P3 news release.
P3's offer comes amid HUMC's sale negotiations with private entity HUMC Holdco. The two parties had signed a letter of intent in January and planned to complete due diligence and execute the transaction by the end of the first quarter 2011.
"Despite the fact that we were not the chosen bidder in November, we want the Hoboken Municipal Hospital Authority and the people of Hoboken to know that we are still committed and want to work with them on a more optimal solution for HUMC," said Geoff Teed, P3's president and founder. "Unlike the pure profit-driven bid currently under review by HMHA, we see no reason to forsake HUMC's 501(c)3 not-for-profit status."
Mr. Teed also promised there would be no employee layoffs.
Learn more about Paradigm Physician Partners.
Read more about HUMC.
- New Jersey's Hoboken University Medical Center Begins Sale Negotiations with Private Entity
- New Jersey’s Hoboken University Medical Center Nears Privatization
P3's offer comes amid HUMC's sale negotiations with private entity HUMC Holdco. The two parties had signed a letter of intent in January and planned to complete due diligence and execute the transaction by the end of the first quarter 2011.
"Despite the fact that we were not the chosen bidder in November, we want the Hoboken Municipal Hospital Authority and the people of Hoboken to know that we are still committed and want to work with them on a more optimal solution for HUMC," said Geoff Teed, P3's president and founder. "Unlike the pure profit-driven bid currently under review by HMHA, we see no reason to forsake HUMC's 501(c)3 not-for-profit status."
Mr. Teed also promised there would be no employee layoffs.
Learn more about Paradigm Physician Partners.
Read more about HUMC.
- New Jersey's Hoboken University Medical Center Begins Sale Negotiations with Private Entity
- New Jersey’s Hoboken University Medical Center Nears Privatization