Crozer-Keystone Health System Signs Letter of Intent to Partner with Prospect Medical Holdings, Inc. - Crozer-Keystone Health System - PA

Published on October 12, 2015

Crozer-Keystone Health System Signs Letter of Intent to Partner with Prospect Medical Holdings, Inc.

Crozer-Keystone Health SystemMedia Contact:
Grant Gegwich
(610) 447-6316
Grant.Gegwich@crozer.org

Prospect Medical Holdings, Inc.

Prospect Medical Holdings, Inc. is a
healthcare services company that
owns and operates 13 inpatient
hospitals as well as 40 clinics
and outpatient centers.

Crozer-Keystone Health System has signed a letter of intent to enter into a partnership with Prospect Medical Holdings, Inc., as approved by the Crozer-Keystone Board of Directors. Both parties are currently performing due diligence in anticipation of reaching a definitive agreement.

Crozer-Keystone had announced in October of 2014 that it was exploring opportunities for such a strategic partnership. The proposed transaction is the culmination of an exhaustive examination of options for the five-hospital system.

“This is an exciting development for Crozer-Keystone Health System,” says Joan K. Richards, Crozer-Keystone president and chief executive officer. “In Prospect, we have selected a partner that shares our mission to improve the health of the communities we serve, and has the financial resources to make sure that the care we provide continues to rank among the best in our region.”

We will release further details as soon as a definitive purchase agreement has been finalized. The partners will also submit an application for regulatory approval at that time.

About Prospect Medical Holdings

Prospect Medical Holdings, Inc. is a healthcare services company that owns and operates 13 inpatient hospitals as well as 40 clinics and outpatient centers. Based in Los Angeles, California, Prospect manages the provision of healthcare services for approximately 270,000 members enrolled in its networks of more than 8,900 primary care physicians and specialists.

Prospect’s hospitals are located in diverse, high-density population areas in California, Texas, and Rhode Island. In addition, Prospect is actively seeking partnerships with hospitals in Connecticut and New Jersey.

Prospect has a strong reputation as an ethical and responsible healthcare company. Prospect is focused on population health and coordination of care, with an emphasis on wellness. Prospect also has a strong track record of working collaboratively with employees, physicians, medical groups, labor unions, payers and other providers, and communities.

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