New Haven, CT, Feb. 10, 2022 (GLOBE NEWSWIRE) -- Yale New Haven Health (YNHHS) and Prospect Medical Holdings, Inc. (Prospect) today announced the signing of an agreement for YNHHS to acquire two Connecticut health systems from Prospect. The agreement also includes the health systems’ related businesses, real estate assets, physician clinic operations and outpatient services, and it is subject to customary regulatory approvals, with both organizations targeting completion of the transaction later this year. Under the LOI, YNHHS is to purchase the assets and operations associated with the following hospitals that make up the health systems:
Waterbury Hospital (AKA Waterbury HEALTH) in Waterbury, CT, with 357 certified beds
Manchester Memorial Hospital (AKA ECHN) in Manchester, CT, with 249 certified beds
Rockville General Hospital in Vernon, CT, with 102 certified beds
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ECHN and Waterbury HEALTH, with approximately 2,900 employees, would return to not-for-profit status, providing continued access to care at their campuses and outpatient care locations. The related real estate assets of the hospitals are to be released from the existing master lease agreement between the real estate owner and Prospect.
“As we begin to emerge from an international pandemic that has devastated many hospitals across this nation, it is critical that we think creatively about sustaining local access to high quality care,” said Marna P. Borgstrom, CEO of YNHHS. “Innovation has become a watchword for a post-pandemic healthcare environment, and we are all exploring clear opportunities to enhance access to high-quality care while driving down costs. While this is at a very early stage, our goal is to sustain critical access to vital healthcare services directly in these local communities.”
“We are excited about the opportunity to join YNHHS. We are proud of our accomplishments and appreciative of the significant investments made by Prospect to increase quality, preserve jobs and respond to the pandemic,” said Deborah Weymouth, CEO of ECHN. “Waterbury is deeply committed to caring for our communities and adapting to the rapidly evolving healthcare landscape," said Dr. Justin Lundbye, President and CEO of Waterbury HEALTH. "Along with ECHN, we are proud of what we’ve accomplished, including investing millions of dollars in our communities, preserving jobs, increasing quality ratings, and being leaders in Connecticut’s response to the pandemic. We are confident YNHHS will continue this legacy.”
