Prime Healthcare has recently acquired a variety of properties from Ascension, including four senior living communities and nine hospitals in Illinois. This marks the largest transaction the nonprofit has completed so far. The terms of the deal have not been disclosed, but it is expected to close in the first quarter of 2025.
After carefully analyzing Prime Healthcare’s values and ethics, Ascension selected them to take over their Illinois properties. Prime is planning to invest $250 million to upgrade the newly acquired portfolio, with a specific focus on the hospitals, their technology, and systems.
With a mission to provide clinical excellence and health equity, Prime Healthcare aims to maintain the legacy of quality healthcare access in the greater Chicago area. The acquisition will expand Prime Healthcare’s footprint, which currently consists of 44 hospitals, 300 outpatient locations, and around 45,000 employees and physicians.
President and CEO of Ascension Illinois, Polly Davenport, expressed confidence in Prime Healthcare’s ability to carry on the legacy of patient-centered care. Prime Healthcare’s President and Chief Medical Officer, Sunny Bhatia, highlighted their commitment to preserving shared values and investing in community hospitals.
Ascension recently appointed Erin Shadbolt as their new CEO, citing her extensive experience in post-acute care operations, finance, growth, regulatory compliance, quality improvement, and strategic planning. Shadbolt will also serve as the Vice President of Post-Acute and At-Home Services for Ascension.
