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Prime completes purchase of St. Mary's Hospital, preserving 1,000 jobs

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Dr. Prem Reddy is chief executive of Prime Healthcare.
Dr. Prem Reddy is chief executive of Prime Healthcare. - (FILE PHOTO)

Prime Healthcare said Friday it has completed its acquisition of St. Mary's Hospital in Passaic, the first of three New Jersey hospitals the for-profit California-based hospital company is looking to acquire.

On Aug. 7, a state board recommended that Prime’s offer for Denville-based Saint Clare’s Health System be approved by state Health Commissioner Mary O’Dowd, who has 120 days to make her decision. Prime also has offered to acquire Saint Michael’s Medical Center in Newark; meanwhile, the state has hired the Navigant consulting firm to analyze the supply and demand for health care in the greater Newark region, and that study is due Nov. 15.

Prime said the St. Mary’s deal preserves 1,000 jobs and said it is committed to investing more than $80 million into the hospital, which serves Passaic and Bergen counties.

“Prime Healthcare is excited about its first partnership with a hospital in New Jersey and looks forward to helping St. Mary’s Hospital provide the exceptional patient care residents want and deserve,” said Dr. Prem Reddy, chief executive of Prime.

Prime said the acquisition provides that:

  • St. Mary’s will continue as an acute care facility with all its current services.  
  • Charity care levels will be maintained for patients needing financial assistance.
  • All current employees will be retained, along with the physician base.
  • Collective bargaining agreements will continue with the hospital’s employee union.
  • Catholic ethical and religious directives will be honored.

“This is a special day for St. Mary’s Hospital, and its patients and employees,” said Edward J. Condit, chief executive of St. Mary’s. “Prime Healthcare is patient focused and quality driven and will strengthen St. Mary’s financially so that it can dedicate more of its resources to providing even better community care.”

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Beth Fitzgerald

Beth Fitzgerald

Beth Fitzgerald reports on health care, small business and higher education. She joined NJBIZ in 2008 after a 34-year career at the Star-Ledger and has been reporting on business in New Jersey since 1978. Her email is beth@njbiz.com and she is @bethfitzgerald8 on Twitter.

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