Prime donates Glendora Community Hospital to nonprofit Prime Foundation
Prime is also supporting a new nonprofit medical school, the California University of Science and Medicine.
Screenshot via evhmc.com
Prime Healthcare Services has donated its Glendora Community Hospital to its nonprofit Prime Healthcare Foundation, the company announced Monday. The 128-bed acute care hospital, that was acquired by Prime in 2014, was given to the public charity free of any existing debt.
"The decision to convert Glendora Community Hospital to a not-for-profit hospital was based on our desire to better serve the residents who rely on the hospital for quality health care," said Prem Reddy, chairman, president and CEO of Prime Healthcare Services and founder of the Prime Healthcare Foundation.
[Also: Prime foundation to buy Memorial Hospital of Salem]
"With Glendora Community Hospital becoming a nonprofit hospital, we look forward to continuing our mission of providing quality and compassionate care to our patients and community," said Oliver Solomon, chief medical officer of Glendora Community Hospital.
Reddy and his family founded the Prime Healthcare Foundation in 2008 as a 501c3 public charity. It currently has $650 million in assets, all donated by Reddy and his family.
The foundation has given millions to support free community clinics, nonprofit organizations, scholarships and academic programs in healthcare, according to the statement.
Including Glendora, the foundation owns and operates eight hospitals in California and Texas.
[Also: Prime Healthcare wins bid for Saint Michael's]
With an initial contribution of $40 million, the Prime Healthcare Foundation is also supporting a new nonprofit medical school, the California University of Science and Medicine, in San Bernardino County.
The for-profit Prime Healthcare Services has 38 hospitals in 11 states including Alabama, California, Kansas, Nevada, Indiana, Michigan, Missouri, Pennsylvania, New Jersey, Rhode Island and Texas.
Prime Healthcare Services is also rapidly expanding and often targets on financially troubled facilities. For example, it recently bought Saint Mary's Hospital in New Jersey, which had about $39 million in long-term outstanding debt and $5.1 million in a working capital line of credit.
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