Ontario, Calif.- Prime Healthcare Providers is likely one of the most instantly increasing, personal for-profit hospital operators within the nation.
Right here we now have 10 issues to learn about Prime Healthcare.
Prime Healthcare at the moment operates 25 acute-care hospitals throughout California, Kansas, Nevada, Pennsylvania, Rhode Island, and Texas. Completely, Prime Healthcare has greater than 30,000 staff in addition to 4,675 affected person beds.
Prime Healthcare arrives to be utilizing an aggressive merger & acquisition technique to broaden its presence. Latest offers embrace an settlement to accumulate Backyard Metropolis (Mich.) Hospital, the acquisition of Landmark Medical Heart in Woonsocket, R.I., and the deliberate acquisition of a number of New Jersey hospitals, together with Saint Michael’s Medical Heart in Newark and Saint Mary’s Hospital in Passaic.
Though business consultants have noticed some bigger for-profit hospital operators have gotten extra selective within the smaller suppliers they purchase, Prime Healthcare appears to nonetheless be keen to tackle financially troubled amenities. For instance, Saint Mary’s Hospital — which Prime Healthcare has utilized to accumulate— has been struggling financially for quite a few years and at the moment has about $39 million in long-term excellent debt and $5.1 million in a working capital line of credit score.
This previous September, the hospital operator issued $475 million in debt, partly to assist finance its hospital acquisitions. The debt was damaged down right into a $250 million senior secured time period mortgage and a $225 million asset-based credit score facility, with the time period mortgage going towards acquisition financing.
Prime Healthcare has additionally invested an considerable quantity in infrastructure enhancements. From 2005 to 2012, the group invested roughly $65 million in capital enhancements and tools for its amenities.
Prem Reddy, MD, performs because the hospital operator’s chairman, president & CEO. Dr. Reddy is double board-certified in inner drugs and cardiology and practiced for 25 years in Southern California, performing greater than 5,000 cardiac procedures. He based Prime Healthcare in 2001.
In 2006, Dr. Reddy organized the Prime Healthcare Providers Basis, there’s a nonprofit public charity that owns six non-profit hospitals in California. Every of the hospitals was donated to the muse and is taken into account a neighborhood asset.
Eight of Prime Healthcare’s hospitals had been included in Truven Well being Analytics’ 100 High Hospitals listing for 2014. Prime Healthcare hospitals have been recognized by Truven 27 occasions since 2003.
In 2013, Largely 11 Prime Healthcare hospitals achieved nationwide recognition as “High Performer on Key High quality Measures” from The Joint Fee.
Prime Healthcare has handled a number of authorized issues & allegations surrounding Medicare billing. Kwashiorkor is a type of extreme protein malnutrition that largely impacts kids in famine-stricken areas and creating nations. Up to now yr or so, the HHS Workplace of Inspector Common has been cracking down on faulty kwashiorkor billing and associated overpayments. Though Prime Healthcare has guarded its billing practices, it has curbed its billing of the situation. Moreover, earlier this yr, an worker whistle-blower claimed Prime Healthcare submitted $50 million in false claims for Medicare affected person stays.