By OPEN MINDS Circle
Non-profit Christiana Care Health System, Inc. (ChristianaCare) and Prospect Medical Holdings, Inc. (Prospect) signed a Letter of Intent (LOI) for ChristianaCare to acquire Crozer Health from Prospect. Definitive agreement execution is targeted for the second quarter of 2022 with the potential for closing to occur in the second half of 2022. Financial terms were not disclosed.
Under the LOI, ChristianaCare is to purchase the assets and operations associated with four Prospect hospitals and the hospitals’ related businesses, real estate assets, Crozer Health Medical Group and the associated assets, ambulatory centers, medical office buildings, physician clinics and ancillary outpatient services. The four hospitals are as follows:
- Crozer-Chester Medical Center in Upland, Pennsylvania, with 499 certified beds.
- Delaware County Memorial Hospital in Drexel Hill, Pennsylvania, with 215 certified beds.
- Springfield Hospital in Springfield, Pennsylvania.
- Taylor Hospital in Ridley Park, Pennsylvania.
Upon closing, ChristianaCare will return Crozer Health, with its approximately 4,000 employees, to non-profit status as part of ChristianaCare. Crozer Health currently operates as a for-profit entity.
ChristianaCare and Crozer Health share similar commitments to value and population health, as well as complementary strengths. Both have graduate medical education programs, and both operate sophisticated, high-quality trauma programs. ChristianaCare includes the only Level I trauma center for adults and children between Philadelphia and Baltimore. Crozer Health includes a Level II trauma center and the Nathan Speare Regional Burn Treatment Center, which serves as the regional burn center for Delaware and surrounding areas.
Contact information: Shane Hoffman, Communications Director, Department of External Affairs, ChristianaCare, 4000 Nexus Drive, Suite W3, Wilmington, DE 19803; 302-327-3300; Website: https://christianacare.org/