Prime Healthcare Foundation Signs Definitive Agreement to Acquire Mission Regional Medical Center

ONTARIO, Calif., May 24, 2017 /PRNewswire/ -- Mission Regional Medical Center in Mission, Texas and Prime Healthcare Foundation have signed a definitive agreement for the acquisition of the 297-bed community hospital.

The agreement includes a commitment from Prime Healthcare Foundation to maintain Mission Regional as an acute care hospital, strengthen physician recruitment, and to provide a multimillion dollar capital commitment over the next five years. The agreement also includes a management agreement being entered into with Prime Healthcare Management until the transaction closes.  

Prime Healthcare Foundation, a 501(c)3 public charity based in Ontario, CA with a mission of providing quality, compassionate healthcare for all, is affiliated with Prime Healthcare. The Foundation includes 12 of the 44 hospitals within the award-winning Prime Healthcare network. One of the 12 Foundation hospitals, all of which are not-for-profit, is Knapp Medical Center located near Mission in Weslaco, Texas. Another member of Prime Healthcare in South Texas is Harlingen Medical Center located in Harlingen, TX.

Mission Regional Medical Center is five-star rated for maternity care and nationally ranked in the top ten percent in the nation for joint replacement. The not-for-profit hospital offers a full range of medical, surgical and emergency services.

"Mission Regional has provided high quality healthcare to the residents of Hidalgo County and surrounding communities for more than 60 years," said Prem Reddy, MD, FACC, FCCP, Chairman, President and CEO of Prime Healthcare. "We recognize the hospital's successes and will partner with physicians, nurses, employees and the community to preserve this valuable healthcare institution for generations to come."

"As a future member of the Prime Healthcare Foundation family of hospitals, we look forward to continuing our dedicated service to our community with additional resources and support from an award winning health system," said Javier Iruegas, FACHE, CEO of Mission Regional Medical Center. "We are confident this new partnership will help us enhance the quality of life in the Rio Grande Valley."

The acquisition of the hospital is expected to close July 1, 2017.

Prime Healthcare and the Prime Healthcare Foundation are dedicated to providing the best quality care to the communities they serve. Prime Healthcare has been recognized among the "15 Top Health Systems" three times by Truven Health Analytics, and its hospitals have been recognized 38 times among the "100 Top Hospitals" in the nation.

About Mission Regional Medical Center:
Mission Regional Medical Center is a 297-bed, non-profit hospital that provides inpatient and outpatient hospital services to the people of the Rio Grande Valley. Rated one of the top hospitals in the country for clinical excellence in many services including maternity and orthopedic care, Mission Regional Medical Center has been offering quality healthcare, close to home, for over 60 years. For more information visit www.missionrmc.org 

About Prime Healthcare and Prime Healthcare Foundation: Prime Healthcare is an award-winning national hospital system with 44 acute-care hospitals providing nearly 43,500 jobs in 14 states. Twelve of the hospitals are members of the Prime Healthcare Foundation, a 501(c)3 public charity with a mission of providing quality, compassionate healthcare for all. Based in California and one of the largest hospital systems in the country, Prime Healthcare and its hospitals have been recognized as among the "100 Top Hospitals" in the nation 38 times and among the "15 Top Health Systems" three times, and Prime Healthcare is the only "Top 10 Health System" west of the Mississippi. For more information, please visit www.primehealthcare.com.

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SOURCE Prime Healthcare Foundation