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Last updated on Thursday, November 6, 2014
(BLOOMINGTON) - Prime Healthcare announced that it expects to complete its acquisition of Monroe Hospital on Nov. 18.
Prem Reddy, president and CEO Of Prims says the partnership is all ready showing results in the operational and clinical standards.
Prime Healthcare, headquartered in Ontario, California, has been managing Monroe Hospital since the private hospital on Ind. 37 and Fullerton Pike filed for bankruptcy on Aug. 22. Prime Healthcare won the bid to purchase the hospital on Oct. 13.
Officials would not divulge how much it spent to buy the hospital.
The Herald Times reports that Monroe Hospital has 32 beds -- 24 in the medical/surgical unit, four patient rooms in the intensive care unit and four patient rooms in the progressive care unit.
Prime Healthcare, which owns and operates 29 hospitals in nine states, focuses on acquiring hospitals in bankruptcy, nearing bankruptcy or about to close. Its corporate motto is "Saving Hospitals, Saving Jobs, Saving Lives."
Officials expect Monroe Hospital to be profitable within 180 days.
Prime has laid off 15 to 20 employees since taking over management of Monroe Hospital, but said that was necessary to comply with the budget established by the bankruptcy court.
Prime has been recognized as a top 15 health system in the nation, based on quality of care and patient satisfaction, three times in the past six years. Prime has more than 35,000 employees nationwide. Since 2005, Prime has invested more than $800 million in its hospitals across the country.
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