St. Louis-based Ascension saw a $3 billion operating loss in fiscal 2023 and has since taken action to sell a number of facilities across the country to recover.
Last year, Ascension said it plans to invest more money into its ASCs amid its financial loss. So far in 2024, the system has sold facilities in New York, Pennsylvania, Kansas, Michigan and Alabama.
Now, the system plans to sell nine more of its Illinois-based hospitals to Ontario, Calif.-basedPrime Healthcare.
It will also sell four Illinois post-acute and older adult living facilities. The hospitals slated to be sold to Prime are: Ascension Holy Family in Des Plaines, Ascension Mercy in Aurora, Ascension Resurrection in Chicago, Ascension St. Francis in Evanston, Ascension St. Joseph in Joliet, Ascension St. Joseph in Elgin, Ascension St. Mary in Kankakee, Ascension St. Mary in Chicago and Ascension St. Elizabeth in Chicago. Other facilities involved in the sale are Fox Knoll Village in Aurora, Villa Franciscan Place in Joliet, Heritage Village and Heritage Lodge in Kankakee, and Resurrection Place in Park Ridge, all now operated by Ascension Living.
Prime has 44 hospitals and more than 300 outpatient locations in 14 states. The system has pledged to invest $250 million in the facilities for upgrades, capital improvements, technology and system upgrades, as part of the deal.
Prime said in a joint news release that it will offer employment to "substantially" all associates. The sale is expected to close in the first quarter of 2025, pending regulatory approvals.