Prospect Medical Holdings Inc. and CHA Partners LLC have announced a preliminary deal Aug. 5 to sell Crozer Health to CHA, writes Harold Brubaker for The Philadelphia Inquirer.
The purchase would return Crozer Health to nonprofit status.
“We believe this is a positive step for our physicians, employees and the communities we serve, and will help secure Crozer Health’s future as a critical healthcare provider in Delaware County,” said Crozer CEO Tony Esposito.
With Crozer’s preliminary agreement with CHA in place, work will begin on forming a nonprofit corporation that would own the Crozer Health system, Esposito said.
CHA Partners LLC is a New Jersey real estate company that buys hospital properties and redevelops them into mixed use medical facilities.
Esposito said it will take several months until a final agreement is reached and the sale completed.
CHA will work with Healthcare Preferred Partners, an affiliated company, which will manage Crozer Health and convert it back to a nonprofit.
The Aug. 5 agreement comes eight months after the Pennsylvania Office of Attorney General ordered Prospect to find a nonprofit buyer for Crozer.
Read more about the CHA purchase deal and about Prospect Medical Holding’s history with Crozer Health in The Philadelphia Inquirer.
