River Valley Health Partners (RVHP) and Prime Healthcare Foundation have signed a definitive agreement for the acquisition of RVHP.
"The mission of the Prime Healthcare Foundation matches with the long term mission and vision of RVHP and we look forward to the future with great pride," said RVHP Board of Trustees Chairman Pete Wicks. The agreement includes a commitment from Prime to maintain inpatient services, strengthen physician recruitment, hire substantially all employees, and to provide a multimillion dollar capital commitment over the next five years.
"RVHP has provided high quality healthcare to the residents of East Liverpool for more than a century," said Prem Reddy, MD, FACC, FCCP, Chairman, President and CEO of Prime Healthcare Services.
"Through our acquisition of RVHP, we look forward to partnering with physicians, nurses, employees and the community to preserve this invaluable healthcare institution for generations to come."
The acquisition is expected to close in the first quarter of 2016, pending regulatory review and closing conditions.
The Prime Healthcare Foundation is a non-profit hospital system that operates seven hospitals in California and Texas. It is affiliated with Prime Healthcare Services, an award-winning hospital system with 38 acute care hospitals providing more than 40,000 jobs in 11 states. Together, Prime Healthcare Services and the Prime Healthcare Foundation are dedicated to providing the best quality care to the communities they serve and have been recognized as among the "15 Top Health Systems" three times by Truven Health Analytics.