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Fri May 16, 2014
RI AG Approves CharterCare/Prospect Deal
Rhode Island’s Attorney General has approved the affiliation of the nonprofit CharterCare Health system and the California-based for-profit Prospect Medical Holdings. CharterCare operates Roger Williams, St. Joseph’s, and Our Lady of Fatima hospitals.
Prospect has agreed to infuse CharterCare with millions in much needed cash to help improve facilities and shore up employee pensions, among other needs. The company has also agreed to maintain CharterCare’s charity care commitments and preserve its hospitals’ Roman Catholic identity. And it’s agreed to let the hospitals continue to provide the range of essential clinical services they provide now for at least five years.
The Rhode Island Health department must also sign off on the deal if it is to move forward, under state law.