Day Kimball Healthcare (DKH) today announced that it has selected Prospect Medical Holdings (PMH) for a strategic affiliation to provide best practices, operating experience and resources to enhance its quality of care, services and programs. DKH would remain a not-for-profit community hospital under terms of the deal.
“An affiliation with Prospect would strengthen the level of care and provide Day Kimball with the support it requires to continue to provide high quality care and to invest in and expand its facilities, staff and services,” said Joseph M. Adiletta, chairman, board of directors, Day Kimball Healthcare. “This was a very quantitative process with multiple strategic advisors. Prospect Medical Holdings will ensure Day Kimball will remain a local, community hospital, providing necessary capital to enhance services, preserving the level of quality care and maintaining our charitable mission.”
“At a time when many communities are seeing their hospitals close, our health system will remain a vital part of the region we serve,” said Anne Diamond, president and CEO, Day Kimball Healthcare. “We will remain not-for-profit and continue to deliver on our community mission that began 125 years ago. Importantly, Day Kimball will continue to provide exceptional quality of care while expanding our clinical services to the greater Putnam community.”
The parties anticipate signing a definitive agreement this fall, pending satisfactory completion of ongoing due diligence, with the final transaction planned to close upon receipt of state and federal regulatory approvals.
Prospect Medical Holdings owns and operates 20 hospitals throughout the United States, with three locations in Connecticut: Waterbury Hospital, Manchester Memorial Hospital and Rockville General Hospital, and a two hospital system in nearby Rhode Island anchored by Roger Williams Medical Center and Our Lady of Fatima Hospital. To learn more about Prospect Medical Holdings, please visit www.pmh.com. For more information on Day Kimball Healthcare, please visit www.daykimball.org.
About Prospect Medical Holdings, Inc.
Prospect Medical Holdings, Inc., a growing healthcare services company, offers a unique and innovative healthcare delivery model, known as Coordinated Regional Care, which emphasizes coordination of care and population health management, with an emphasis on preventive care. CRC helps coordinate quality care for patients through integrated networks of primary and specialty physicians, in affiliation with hospitals, clinics, other community-based providers and health plans. Prospect owns and operates 20 hospitals, as well as over 165 clinics and outpatient centers. Prospect also manages the provision of healthcare services for more than 500,000 members enrolled in its networks of over 11,000 primary care physicians and specialists. Prospect’s operations are located in California, Connecticut, New Jersey, Pennsylvania, Rhode Island and Texas. For more information, visit www.pmh.com.