Prime Healthcare announces two not-for-profit transactions (Modern Healthcare)

January 2, 2013 – For-profit hospital chain Prime Healthcare Services, Ontario, Calif., donated Huntington Beach (Calif.) Hospital to an affiliated not-for-profit foundation, Prime Healthcare Foundation, Prime announced.  In a separate transaction, the Prime foundation acquired a controlling interest in Knapp Medical Center, Weslaco, Texas, for roughly $110 million, according to a news release. Both Prime Healthcare Services and Prime Healthcare Foundation are overseen by Dr. Prem Reddy, chairman and CEO of the for-profit organization and founder of the not-for-profit. As part of the Knapp transaction, Prime will contribute roughly $100 million in cash and donated investments toward the creation of the Knapp Community Cares Foundation

Link to Full Article: http://www.modernhealthcare.com/article/20130102/NEWS/301029893/

Link to Huntington Press Release: http://www.primehealthcare.com/Press-Center/News/2013/Huntington-Beach-Hospital-Converts-to-Not-for-Pr.aspx

Link to Knapp Press Release: http://www.primehealthcare.com/Press-Center/News/2013/Prime-Healthcare-Foundation-Enters-Into-Agreemen.aspx

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