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Prime Healthcare Foundation Makes 2 Non-Profit Hospital Transactions

Prime Healthcare Services in Ontario, Calif., donated Huntington Beach (Calif.) Hospital to its non-profit affiliate Prime Healthcare Foundation, and in a separate transaction, Prime Healthcare Foundation obtained a controlling interest in Knapp Medical Center in Weslaco, Texas.

Prime Healthcare Foundation is a non-profit public charity which owns and operates four non-profit hospitals. The Foundation is an affiliate of Prime Healthcare Services, which owns and operates a total of 20 acute-care hospitals.

The transfer of Huntington Beach Hospital to Prime Healthcare Foundation became effective Jan. 1 and will allow the 131-bed acute-care hospital to broaden its reach in the community, according to the release.

Under the terms of Prime Healthcare Foundation's deal with Knapp Medical Center, the hospital will continue to operate as is with the same charity care programs, according to the release. Prime will also invest at least $10 million in capital improvements to the hospital.

According to the release, as a result of the inclusion of Knapp in the Prime Healthcare Foundation system, a new non-profit community foundation has been formed. Funded with approximately $100 million, the Knapp Community Cares Foundation will seek to expand and improve access to healthcare for medically underserved populations in the area.

More Articles on Hospital Transactions:

Nurses to Protest Sound Shore,Westchester Medical Center Merger
HealthPartners, Park Nicollet Complete Merger
LifePoint-Norton Healthcare Joint Venture Finalizes Scott Memorial Acquisition

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