The $78 million sale of bankrupt Kennewick, Wash.-based Trios Health has been pushed back several days, according to the Tri-City Herald.
Brentwood, Tenn.-based RCCH HealthCare Partners and Seattle-based University of Washington Medicine declared their intent to form a limited liability company to purchase Trios Health, which comprises two hospitals and a number of urgent care and outpatient centers, last September. Under the deal, RCCH would manage the facilities, while UW Medicine would offer clinical expertise.
An RCCH HealthCare spokesperson told the Tri-City Herald officials were scheduled to close the deal July 31, but that the closing date has been pushed back to Aug. 1 or Aug. 2. Trios Health will continue operations as usual during the delay, and its 1,100 employees will continue to receive their wages.
While the deal has been in negotiations for months, the state approved Trios Health's certificate of need application July 27. State approval of the health system's CON was necessary to finalize the sale.
The state agreed to expedite its review of Trios Health's CON application after the health system noted it may run out of funds to continue operations by the end of July.
Trios Health's CON application was submitted for state review at the end of June after a federal judge approved its plan to emerge from bankruptcy, which the health system declared in June 2017. The health system's bankruptcy plan hinged on its deal with RCCH and UW Medicine.
The state approved the application with conditions, including that Trios Health continues to participate in Medicare and Medicaid programs, provide charity care and maintain essential services, such as 24-hour emergency care and inpatient and outpatient surgery, for at least 10 years, the report states.
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