Prime Healthcare Services, Ontario, Calif., completed its acquisition of Pampa (Texas) Regional Medical Center in another move that expands its presence beyond California. The for-profit system acquired 83-bed Pampa Regional from Signature Hospital Corp., Houston, which is also a for-profit system. Financial terms were not disclosed in a news release. Prime noted in the release that it will review all health-plan contracts to “protect the financial viability of the hospital.” It added that it will offer employment to the hospital's 200 full-time and part-time employees and maintain its charity-care policies. The system also plans to make investments in the hospital's infrastructure and operations. In an interview last month, Prime's Chief Operating Officer Luis Leon noted that the system has been acquiring hospitals that have struggled financially and operationally, and undertakes an “A to Z” overhaul to improve their performance.
Late News: Prime finalizes acquisition of Texas medical center
“Prime has a history of quality care and was the best option for Pampa Regional and Signature,” Steve Peterson, Signature Hospital's chief financial officer, said in the release. Prime Healthcare has made two other acquisitions outside of its home state this year. In February, it purchased Philadelphia-based Roxborough Memorial Hospital from Solis Healthcare. And in March, it signed an agreement to buy St. Mary's Regional Medical Center, Reno, Nev., from Dignity Health. It also owns 14 hospitals in California and one in Harlingen, Texas.
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