[June 24, 2014]

CharterCARE Health Partners and Prospect Medical Holdings Launch Partnership Offering New Way Forward for Rhode Island Health Care

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 diagnostic labs.

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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