Centurion Foundation, a charitable 501(c)(3) organization, has acquired North Providence, R.I.-based Our Lady of Fatima Hospital and Providence, R.I.-based Roger Williams Medical Center from bankrupt Los Angeles-based Prospect Medical Holdings.
“The path to achieving this outcome was neither easy nor certain, with considerable regulatory, political, legal, and financial hurdles,” the foundation said in a March 25 news release. “The final financing package included a complex structure totaling more than $100 million in privately financed bonds, along with an $18 million reserve fund from the State of Rhode Island.”
While Centurion received approval in February 2025 to purchase the two hospitals, it missed a Jan. 15 bankruptcy court-ordered acquisition deadline. In late January, Rhode Island proposed an extended Feb. 27 deadline for the foundation to acquire the facilities.
The sale was completed in early March. CharterCARE Health of Rhode Island, a new 501(c)(3) organization, was created to provide local governance and management of the two hospitals.
Under mandates from the Rhode Island Attorney General Peter Neronha and the state health department, CHRI will comply with more than 80 conditions of regulatory approval. CharterCare Health has a $330 million annual operating budget, employs 2,400 healthcare professionals and has an affiliated medical staff of more than 600 primary care and specialty providers.
“Now, the teams at Roger Williams Medical Center and Our Lady of Fatima Hospital can spend their time and effort where it belongs — providing excellent patient care — rather than worrying about whether the doors can stay open,” Ben Mingle, CEO of Centurion Foundation, said in the release.
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