Prime Healthcare, a US-based acute care hospitals owner, has completed the acquisition of Saint Michael’s Medical Center, a 357-bed acute care hospital located in the Central Ward of Newark.

Saint Michael’s, which is a major teaching hospital affiliated with New York Medical College, serves Newark and the surrounding community with key service lines including cardiology and cancer treatment.

Prime Healthcare Services chairman, president and CEO Prem Reddy said: "Prime Healthcare looks forward to working with the physicians, nurses and employees at Saint Michael’s Medical Center to ensure the best care for the patients they serve.

"We believe that every community deserves exceptional healthcare close to home. Prime Healthcare hospitals are consistently ranked among the best hospitals in the nation, and we have no doubt that Saint Michael’s Medical Center will continue that legacy."

Effective immediately, Prime Healthcare has appointed Robert Iannaccone as the new CEO of Saint Michael’s.

As part of the deal, Prime Healthcare has hired substantially all of Saint Michael’s employees and has already reached agreements with the hospital’s three labour unions, which represent more than 780 of the hospital’s 1,357 employees.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The sale of the hospital was supported by the Newark City Council, the Belleville Township Council and the Essex County Board of Freeholders.

Newark Central Ward Councilwoman Gayle Chaneyfield Jenkins said: "There should be no doubt in anyone’s mind that Prime Healthcare has saved Saint Michael’s along with nearly 1,400 jobs that we could not afford to lose in this city.

"Instead of an empty hospital building, we will continue to have a thriving hospital in the heart of the Central Ward and Prime Healthcare’s investment of $50m will ensure our residents will have a state-of-the art healthcare facility that is second to none."