Memorial Health Services will sell 224-bed Anaheim (Calif.) Memorial Medical Center to Prime Healthcare Services, Victorville, Calif., a rapidly expanding hospital management company whose principal owner is cardiologist Prem Reddy. Financial terms were not immediately disclosed.
Not-for-profit Memorial announced last July that it was exploring options to meet demands for future growth, new technology and required seismic retrofitting. Memorial officials said in a news release that in the interim they have met with a number of healthcare organizations interested in Anaheim.
Critical to our decisions was that the buyer agreed to a number of issues, said Barry Arbuckle, Memorials president and chief executive officer, in the news release. Those issues included a long-term commitment to partner with our physicians and staff in providing quality, acute services to Anaheim and the surrounding communities; offering round-the-clock emergency services; continuing to serve Medicare, MediCal and charity-care patients; and that the purchaser would have the ability to provide sufficient capital resources, he said.
Also, Tuesday, California Attorney General Jerry Brown approved the sale of not-for-profit, 301-bed Paradise Valley Hospital, National City, Calif., to Prime after placing more than a dozen conditions on the $30 million transaction. That deal is expected to close at midnight tonight, March 1. -- by Cinda Becker