St. Mary’s Hospital and Prime Healthcare reached an agreement for Prime to purchase St. Mary’s in November. Under the terms of the deal, Prime intends to make a significant investment in order to financially stabilize St. Mary’s, allowing it to continue its mission to serve individuals living in Passaic and the surrounding communities.
According to the report, state authorities have been asking multiple questions about the deal, including whether Prime Healthcare bid on St. Mary’s, how the proposals submitted by Prime and other bidders were evaluated and how the time commitment for future charitable care was decided.
Questions such as these are normal during an attorney general review, especially for a deal involving a for-profit and a non-profit organization. In addition, the sale of a non-¬profit to a for-profit must be approved by a Superior Court judge, under New Jersey’s Community Health Care Assets Protection Act.
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