New Jersey hospital deal collapses after gaining state approval
Ontario, California-based Prime Healthcare Foundation won regulatory approval on May 8 to buy Salem, New Jersey-based Memorial Hospital of Salem County—but then decided to scuttle the deal the very same day.
According to NJ.com, Prime withdrew the $15 million acquisition proposal New Jersey Department of Health, but gave no reason why it was scrapping a purchase it had been seeking since December 2015.
“Prime Healthcare continues its dedication to creating a strong future for community hospitals and we are applying our resources to other strategic priorities,” said company spokeswoman Elizabeth Nikels in confirming Prime had withdrawn from the deal.
That leaves the struggling the 126-bed Salem hospital, owned by Community Health Systems, inching closer to closure.
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John joined TriMed in 2016, focusing on healthcare policy and regulation. After graduating from Columbia College Chicago, he worked at FM News Chicago and Rivet News Radio, and worked on the state government and politics beat for the Illinois Radio Network. Outside of work, you may find him adding to his never-ending graphic novel collection.