Bloomfield, N.J.-based Community Health Care Associates plans to buy Mannington Township, N.J.-based Memorial Hospital of Salem County from Franklin, Tenn.-based Community Health Systems to revitalize the hospital, NJ.com reports.
Here's what you should know:
1. CHA plans to invest between $30 million and $60 million to renovate a "substantial portion" of the hospital, put the vacant surgery center back into use, consolidate and expand certain medical services and upgrade the hospital's medical equipment and IT systems, according to CHA Partner Steven Rosefsky.
2. The complex will be renamed Salem Medical Center and operated as a nonprofit. CHA will only be required to operate the hospital as an acute care facility for five years.
3. The hospital's sale price is $3 million, a steep drop from its initial $15 million price tag. CHA's investment includes funding from the Salem Health and Wellness Foundation.
4. CHA vowed to retain Memorial Hospital's 400 employees and expects to create an additional 300 jobs at the hospital over three years.
5. The company aims to add adult acute psychiatric beds and 30 long-term care beds, pending state approval of a license modification. It also plans to open other outpatient facilities.
6. CHA hopes the ownership transition deal with close by Dec. 31.
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