Mission Regional Medical Center in Mission, Texas and Prime Healthcare Foundation have signed a definitive agreement for the acquisition of the 297-bed community hospital.
The agreement includes a commitment from Prime Healthcare Foundation to maintain Mission Regional as an acute care hospital, strengthen physician recruitment, and to provide a multimillion dollar capital commitment over the next five years. The agreement also includes a management agreement being entered into with Prime Healthcare Management until the transaction closes.
Prime Healthcare Foundation, a 501(c)3 public charity based in Ontario, CA with a mission of providing quality, compassionate healthcare for all, is affiliated with Prime Healthcare. The Foundation includes 12 of the 44 hospitals within the award-winning Prime Healthcare network. One of the 12 Foundation hospitals, all of which are not-for-profit, is Knapp Medical Center located near Mission in Weslaco, Texas. Another member of Prime Healthcare in South Texas is Harlingen Medical Center located in Harlingen, TX.
Mission Regional Medical Center is five-star rated for maternity care and nationally ranked in the top ten percent in the nation for joint replacement. The not-for-profit hospital offers a full range of medical, surgical and emergency services.
“Mission Regional has provided high quality healthcare to the residents of Hidalgo County and surrounding communities for more than 60 years,” said Prem Reddy, MD, FACC, FCCP, Chairman, President and CEO of Prime Healthcare. “We recognize the hospital’s successes and will partner with physicians, nurses, employees and the community to preserve this valuable healthcare institution for generations to come.”
“As a future member of the Prime Healthcare Foundation family of hospitals, we look forward to continuing our dedicated service to our community with additional resources and support from an award winning health system,” said Javier Iruegas, FACHE, CEO of Mission Regional Medical Center. “We are confident this new partnership will help us enhance the quality of life in the Rio Grande Valley.”
The acquisition of the hospital is expected to close July 1, 2017.
Prime Healthcare and the Prime Healthcare Foundation are dedicated to providing the best quality care to the communities they serve. Prime Healthcare has been recognized among the “15 Top Health Systems” three times by Truven Health Analytics, and its hospitals have been recognized 38 times among the “100 Top Hospitals” in the nation.
