The sale of the 111-bed acute care hospital is subject to state regulatory review, which could take several months, according to a news release. Financial terms of the transaction were not disclosed.
The deal will result in expanded outpatient and preventive medicine services, increased patient access to specialty care, improved quality and increased cost savings, among other benefits.
“Our patients are familiar with the excellent caliber of care and extensive services offered by Atlantic Health System hospitals,” said Jason Coe, president of Hackettstown Regional Medical Center, in the release. “Joining the Atlantic Health System family will give the Hackettstown community access to more specialists and services throughout the system, from cardiovascular to neonatal, to oncology, neuroscience and more.”
News of the transaction follows Atlantic’s completion of its merger with Chilton Hospital in Pompton Plains, N.J. Under the agreement, Atlantic will assume $43 million of debt from the 260-bed hospital’s parent company, Chilton Health Network. Atlantic has also agreed to make capital investments and let the hospital keep its name, staff and acute-care hospital status.
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