Jersey City, N.J.-based CarePoint Health has transitioned into a nonprofit organization after co-founder Vivek Garipalli donated his majority interest to the nonprofit.
CarePoint CEO Achintya Moulick, MD, led the transition into a nonprofit, CarePoint said in a May 9 news release. The creation of the new nonprofit was first announced in October.
CarePoint includes Christ Hospital in Jersey City, Hoboken (N.J.) University Medical Center and Bayonne (N.J.) Medical Center.
The transition into a nonprofit will better serve its patients, many of whom are uninsured and on Medicaid, CarePoint said.
"This transition will allow our teams to continue to provide advanced and equitable care to the diverse, minority populations across the Hudson County community," Dr. Moulick said in the news release. "Through the number of partnerships and initiatives over the last two years, we have built an advanced healthcare system as a leader and innovator in medicine with much more to come."