Officials said they plan to sell the financially struggling Secaucus, N.J.-based Meadowlands Hospital Medical Center for $12.2 million, according to The Record.
Here are seven things to know about the transaction, pending regulatory approval.
1. Officials plan to sell the medical center to Yan Moshe, who owns Hackensack, N.J.-based Excel Surgery Center and the Dynamic Surgery Center, also in Hackensack, according to The Record. Mr. Moshe will front $5 million of the $12.2 million sale price, with the current owners of the medical center lending him the rest of the funds. Mr. Moshe will reportedly pay an additional $26 million to purchase the hospital's land.
2. State officials, who have yet to approve the transaction, have expressed several concerns regarding the deal, including the necessity of maintaining the medical center and whether Mr. Moshe has the assets to run the facility, and have cited the present owners' lack of transparency as a reason to dismiss the transaction, according to the report.
3. The state had previously fined the current owners of the medical center for failing to provide overdue financial reports.
4. The Record reports prospective owner Mr. Moshe's two surgery centers have also been cited for several safety issues by the state, including failing to have a director of nursing on site for several days, as required by law, and for misidentifying a physician with an inactive license as the medical director of one of the facilities.
5. State officials note patient admission at the medical center has continued to plummet since 2013. Same-day and outpatient surgeries have reportedly declined by more than 50 percent during in the last three years, according to the report.
6. However, officials also note the medical center provides a variety of medical services to the community. MHMC is reportedly responsible for providing emergency services to the city and sponsors the Atlanta-based Georgia School of Orthodontics, though the medical center does not play a role in educating the students attending the school.
7. State officials have not issued a timeframe in which to make a decision about the potential sale, according to the report. Once they deem the transaction application complete, officials will hold two public hearings, after which the State Health Planning Board will issue a recommendation to the state health commissioner regarding the proposed sale.