|[June 24, 2014]
CharterCARE Health Partners and Prospect Medical Holdings Launch Partnership Offering New Way Forward for Rhode Island Health Care
PROVIDENCE, R.I. --(Business Wire)--
CharterCARE Health Partners, corporate parent of Roger Williams Medical
Center and Our Lady of Fatima Hospital, and Prospect Medical Holdings,
Inc. today announced that they have launched an innovative partnership
offering a new way forward for Rhode Island health care. The new joint
venture took effect June 20, 2014.
Prospect CharterCARE, LLC, the new joint venture company, which is doing
business as CharterCARE Health Partners, is jointly owned by Prospect
and CharterCARE. The company operates Roger Williams Medical Center,
Fatima Hospital, St. Joseph Health Center and Elmhurst Extended Care,
and will develop, through acquisitions and partnerships, a coordinated
regional health network that will inclde physician practices, urgent
care centers, nursing homes and ancillary health providers such as
Prospect, which has a majority interest in the new company, will provide
an immediate infusion of capital which will be used to retire the two
hospitals' long-term debt and invest in the facilities and equipment, as
well as support development of the new network.
Prospect and CharterCARE equally share seats on the new company's
eight-member governing board. Edwin Santos, current chairman of
CharterCARE, will serve as the new board's chair.
Thomas Reardon, President of Prospect East Holdings, Inc., said, "We are
thrilled to begin our joint partnership in Rhode Island. Prospect will
focus on collaboration among hospitals, physicians, medical groups,
urgent care centers, nursing homes and other providers, in cooperation
with health plans. Our goal is to provide Rhode Islanders with the
health care they need at the right time, in the right place,
compassionately and efficiently."
Santos stated, "Our new joint venture is going to provide exciting new
opportunities for physicians and other health providers to affiliate
with a health system that is financially strong, committed to quality in
all it does and ready to meet both the challenges and opportunities in
today's rapidly changing health care marketplace."
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