Yale New Haven Health (YNHHS) has signed an agreement for the acquisition of two Connecticut health systems from Prospect Medical.
The deal also comprises the associated businesses, physician clinic operations, real estate assets and outpatient services of the health systems.
As per the agreement, YNHHS will acquire Connecticut-based hospitals that make up the health systems: Waterbury Hospital (Waterbury HEALTH) in Waterbury, Rockville General Hospital in Vernon and Manchester Memorial Hospital (ECHN) in Manchester
Waterbury HEALTH has 357 certified beds while Rockville General Hospital and ECHN have 102 and 249 certified beds, respectively.
With nearly 4,300 staff, ECHN and Waterbury HEALTH, would revert to not-for-profit status, offering sustained access to care at their campuses as well as outpatient care sites.
The hospitals’ associated real estate assets will be freed from the current master lease agreement in place between Prospect and the real estate owner.
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Furthermore, the hospitals would be affiliated with the Yale New Haven Health System, like Lawrence + Memorial Health and Greenwich and Bridgeport Hospitals.
On takeover by YNHHS, Waterbury HEALTH and ECHN could boost care delivery across a broad range of primary and specialty services.
The acquisition is anticipated to conclude later this year subject to customary regulatory approvals.
YNHHS CEO Marna Borgstrom said: “As we begin to emerge from an international pandemic that has devastated many hospitals across this nation, it is critical that we think creatively about sustaining local access to high quality care.
“Innovation has become a watchword for a post-pandemic healthcare environment, and we are all exploring clear opportunities to enhance access to high-quality care while driving down costs. While this is at a very early stage, our goal is to sustain critical access to vital healthcare services directly in these local communities.”