Morgan is serving as exclusive financial advisor to ChristianaCare, and Buchanan Ingersoll & Rooney PC is serving as its legal counsel. LLC is serving as exclusive financial advisor to Prospect Medical Holdings on this transaction, and Sheppard, Mullin, Richter & Hampton LLP is serving as its legal counsel. Crozer Health includes a Level II trauma center and the Nathan Speare Regional Burn Treatment Center, which serves as the regional burn center for Delaware and surrounding areas. ChristianaCare includes the only Level I trauma center for adults and children between Philadelphia and Baltimore. For example:īoth organizations have vibrant graduate medical education programs that are important for the region’s ability to attract and retain top new, talented physicians, especially primary care providers.īoth organizations operate sophisticated, high-quality trauma programs that serve the greater region. “We welcome this opportunity to explore a closer relationship with an organization that shares our commitment to value and service to the community.”ĬhristianaCare and Crozer Health share similar commitments to value and population health, as well as complementary strengths. Nevin, M.D., MPH, ChristianaCare president and CEO. “ChristianaCare and Crozer Health have been serving the people of Northern Delaware, Southeast Pennsylvania and parts of Maryland and New Jersey as neighbors for many years,” said Janice E.
“We are excited by the potential to join these two great organizations so that we can continue to provide the high-quality, accessible care that our communities – Delaware County and beyond – rely on.” “The pandemic has demonstrated the vital importance of working together to meet the clinical needs of the communities we serve,” said Kevin M. The related real estate assets of the Prospect hospitals are to be released from the existing master lease agreement between the real estate owner and Prospect. Upon closing, ChristianaCare will return Crozer Health, with its approximately 4,000 employees, to nonprofit status as part of ChristianaCare. Definitive agreement execution is targeted for the second quarter 2022 with the potential for closing to occur in the second half of 2022. While the executed LOI includes several important terms, the parties will engage in further due diligence and negotiation of a definitive agreement. Taylor Hospital in Ridley Park, Pennsylvania. Springfield Hospital in Springfield, Pennsylvania. Under the LOI, ChristianaCare is to purchase the assets and operations associated with the following Prospect hospitals:Ĭrozer-Chester Medical Center in Upland, Pennsylvania, with 499 certified beds.ĭelaware County Memorial Hospital in Drexel Hill, Pennsylvania, with 215 certified beds. The agreement also includes the hospitals’ related businesses, real estate assets, Crozer Health Medical Group and the associated assets, ambulatory centers, medical office buildings, physician clinics and ancillary outpatient services, and it is subject to customary regulatory approvals. (Prospect) today announced the signing of a Letter of Intent (LOI) for ChristianaCare to acquire Crozer Health from Prospect. Stormont Vail Healths Level II Trauma Center, verified by the American College of Surgeons, is equipped to provide treatment to patients with all types and. (ChristianaCare) and Prospect Medical Holdings, Inc.
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