Prime Healthcare Services stepped in as a buyer for the Landmark Medical Center less than one day after Steward Health Care System walked away from a deal it has pursued with the struggling Rhode Island hospital since 2009.
Prime Healthcare, a for-profit health system based in Ontario, Calif., said Sept. 28 that it reached an agreement to acquire the 133-bed hospital in Woonsocket, R.I. Landmark has been in receivership since 2008.
“Prime Healthcare understands how vital acute-care hospitals such as Landmark Medical Center are to the community, which is why we take our motto—'Saving hospitals, saving jobs and saving lives'—so seriously,” Prime Healthcare Chairman, President and CEO Dr. Prem Reddy said in a news release.
Boston-based Steward, also a for-profit system, dropped its bid for Landmark on Sept. 27, stating that conditions of the deal had not been met. The deadline for the transaction was Sept. 30.
“In recognizing that our unique model requires a level of cooperation not currently attainable, Steward has decided to step aside,” according to a statement from the system.