Health Quest, a LaGrangeville, N.Y.-based nonprofit regional group, has taken ownership of the 78-bed Sharon (Conn.) Hospital.
Here are six things to know about the transaction.
1. Health Quest obtained ownership of Sharon Hospital Aug. 1 following approvals from the state of Connecticut. Essent Healthcare of Connecticut, an affiliate of Brentwood, Tenn.-based RCCH HealthCare Partners, previously owned the hospital.
2. As part of the deal, Sharon Hospital President Peter Cordeau, who has served as CEO since 2015, will remain president of the hospital and will join Health Quest's executive team, Health Quest said.
3. The deal also includes six Regional Healthcare Associates medical practices, affiliates of Sharon Hospital.
4. Additionally, the deal means Sharon Hospital will change from for-profit to nonprofit, with involvement from Sharon-based nonprofit Foundation for Community Health. Health Quest said a newly formed board will be responsible for "reinvesting in the hospital to make program advancements and infrastructure improvements."
"Sharon's alignment with Health Quest is a tremendous win for our community. When we invest in advanced services and expand the Health Quest network of specialists into the Sharon area, we are enhancing the health of our neighbors, family members and friends," Joel Jones, chairman of the Sharon Hospital board, added in a prepared statement.
5. Health Quest did not disclose financial terms of the deal. However, Hartford Courant reports a sale price of $5 million.
6. Sharon Hospital is the latest facility to join Health Quest. Health Quest's other medical facilities include: Poughkeepsie, N.Y.-based Vassar Brothers Medical Center; Rhinebeck, N.Y.-based Northern Duchess Hospital; and Carmel, N.Y.-based Putnam Hospital Center. Health Quest also includes a regional physician group of more than 265 providers, according to the organization.