The Connecticut General Assembly approved legislation on Nov. 13 for Farmington, Conn.-based UConn Health to invest in Waterbury (Conn.) Hospital, part of Los Angeles-based Prospect Medical Holdings.
“The action by lawmakers marks a major milestone in UConn Health’s proposal to bring Waterbury Hospital under its stewardship following years of instability under Prospect ownership,” a Nov. 13 news release shared with Becker’s said. “The transition will ensure that the hospital — and patients, families and staff who rely on it — have a future grounded in stability, transparency and public accountability.”
The news comes after UConn Health in November submitted a $13 million bid to take over Waterbury Hospital in mid-November.
Along with Waterbury, Prospect Medical owned three hospitals in Connecticut and has worked to offload facilities across its portfolio since seeking Chapter 11 protection in January. Hartford (Conn.) HealthCare secured an $86.1 million bid in late October for Prospect Medical’s Manchester Memorial Hospital and Rockville General Hospital in Vernon, Conn.
UConn Health is also in talks to purchase Bristol (Conn.) Hospital and Putnam, Conn.-based Day Kimball Hospital. Those discussions remain ongoing, a spokesperson for UConn Health confirmed with Becker’s.
