State Greenlights Sale of Landmark Medical Center in Woonsocket
- Nov 03, 2013
by Adriana Pop, Associate Editor
The state attorney general’s office has signed off on the sale of Landmark Medical Center in Woonsocket and its subsidiary, the Rehabilitation Hospital of Rhode Island in North Smithfield, to California-based Prime Healthcare Services. The step, which follows approval by the state Department of Health, completes the regulatory process.
Upon completion of the deal, expected by Dec. 31, Landmark would become the state’s first for-profit hospital. With about 1,100 employees, the facility is also Woonsocket’s second-largest employer.
According to the Providence Journal, the acquisition will end more than five years of financial struggle for the properties. Since the hospital became insolvent in 2008, both facilities have been under Superior Court supervision, a form of receivership.
“An enormous amount of dedication and commitment from so many has produced today’s accomplishment,”said Rick Charest, president and CEO of Landmark Medical Center and RHRI. “In particular, I want to thank our employees whose hard work and patience helped us persevere through the daunting challenges of the past five years. I also want to thank Dr. Reddy and his entire management team at Prime Healthcare Services for their unwavering commitment and support of our hospitals. Without it, it is difficult to envision how we would have survived.”
Prime Healthcare Services, which owns 23 hospitals in five states, was named one of the top 15 healthcare systems in the United States this year by Truven Health Analytics (formerly Thomson Reuters) for quality of care and patient satisfaction. It was the third time in five years the health system has received the recognition.
Photo credit: www.landmarkmedical.org