Prime Healthcare’s business is sound, well suited for Daughters deal
Regarding the letter to the editor “Prime Healthcare’s problems make Daughters deal too risky” (Dec. 8, p. 28). Prime Healthcare Services is in the business of saving hospitals.
To date, our company has rescued 29 financially distressed hospitals and saved thousands of jobs. By ensuring access to physician-driven, quality healthcare for the communities that those hospitals serve, we are also saving lives. For the work we do, Prime has been recognized as having facilities among the 100 Top Hospitals in the nation 27 times by Truven Health Analytics.
When the Daughters of Charity Health System selected Prime to acquire its six struggling California hospitals following an extensive duediligence process, the system’s CEO, Robert Issai, made clear our company was “far and away the best candidate’’ of all the bidders, which included a failed bidder supported by the Service Employees Union International-United Health Workers.
So when SEIU-UHW President Dave Regan writes a letter to Modern Healthcare making a number of false accusations against us as part of a continuing corporate campaign, you would be well-advised to consider the source and instead look to the facts.
Prime’s business is sound, and our system is poised to expand to 42 hospitals by April, which would make us the fourth-largest for-profit hospital system in the nation. As recently as May 2014, Standard & Poor’s awarded Prime a B credit rating and a positive outlook. Moody’s most recently gave Prime a B2 rating.
We have never closed or sold any of our hospitals. We sustain them and take pride in improving the quality metrics at every hospital we acquire. We have committed to maintaining the Daughters of Charity hospitals, keeping them open and operating for years, making $150 million in capital improvements in the first three years.
Importantly, we will extend Daughters’ legacy of charitable care through our own. Since 2010, our hospitals have provided more than $2 billion in charity and uncompensated care.
Mike Sarian President of operations Prime Healthcare Services