Farmington, Conn.-based UConn Health, in partnership with the state, plans to invest around $250 million over the next five years in Waterbury (Conn.) Hospital.
UConn Health received approval from the Connecticut General Assembly to purchase Waterbury Hospital, part of Los Angeles-based Prospect Medical Holdings, in mid-November after UConn submitted a $13 million bid to take it over.
The funding will be used for IT, equipment, deferred maintenance and other needs at the hospital, Andrew Agwunobi, MD, executive vice president for health affairs, CEO, UConn Health, said in a statement shared with Becker’s.
“This investment will revitalize the hospital, modernize critical systems and expand access to high-quality care,” Dr. Agwunobi said. “Our focus is on building a stable, patient-centered future — one rooted in public accountability, job preservation and strengthened services for the community in the fifth largest city in the state.”
Prospect Medical owned three hospitals in Connecticut, including Waterbury, and has worked to offload the facilities across its portfolio since seeking Chapter 11 protection in January. In late October, Hartford (Conn.) HealthCare secured an $86.1 million bid for Prospect Medical’s Manchester (Conn.) Memorial Hospital and Vernon, Conn.-based Rockville General Hospital.
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