It's finally final.
Prime Healthcare Services has officially completed the acquisition of Saint Michael's Medical Center in Newark.
The California-based for-profit’s three-year public journey from having the state slow down and eventually stall the takeover, to bankruptcy court last fall, which eventually jump-started the process and resulted in the follow-through from the state.
The company had a last-minute snag with health insurance reimbursement contracts, which are still pending, with the exception of the state’s largest insurer, Horizon Blue Cross Blue Shield of New Jersey.
"Prime Healthcare looks forward to working with the physicians, nurses and employees at Saint Michael's Medical Center to ensure the best care for the patients they serve," said Prem Reddy, CEO and president of Prime Healthcare Services. "We believe that every community deserves exceptional health care close to home. Prime Healthcare hospitals are consistently ranked among the best hospitals in the nation, and we have no doubt that Saint Michael's Medical Center will continue that legacy."
Saint Michael’s is a 357-bed acute care hospital with a teaching affiliation with the New York Medical College.
Prime appointed a new CEO, Robert Iannaccone, who most recently served as senior vice president of cardiovascular services at Barnabas Health, which is now RWJBarnabas Health, according to a statement.
Iannaccone has also worked at St. Mary’s General Hospital in Passaic, which is also owned by Prime, as well as Raritan Bay Medical Center and Atlantic Health System.
"It is an honor and a privilege for me to lead a hospital that has served the community so well for 150 years," Iannaccone said. "I look forward to working with our employees and medical staff as we begin a new chapter in Saint Michael's that builds upon our mission of providing quality healthcare to the community."
Iannacone replaces David Ricci, who has been the CEO since 2011.